IRVINE,  Calif. (Aug. 23, 2019) – Continuing its rapid growth on the East Coast,  Community Preservation Partners (CPP) today announced the start of  rehabilitation of the 40-year-old Lawrence Avenue Apartments, a 137-unit  multifamily complex in Potsdam, N.Y.
Work begins this month on the $24.5 million project, which includes a  $10.25 million construction and renovation budget and a $7.3 million purchase  price. No residents will be relocated during construction, which is expected  to continue for a year.
The rehabilitation, a partnership with Rochester’s Cornerstone Group, will  include significant restoration work on 20 units that have been offline since  they were damaged by a fire in January. Many new amenities will be added to  the site, including picnic tables and outdoor grills, a playground, an  outside exercise area, a dog run, all new landscaping and a host of energy conservation measures that will improve the property’s efficiency by 30  percent.
“CPP is pleased to cement its second deal in Upstate New York with  Rochester’s Cornerstone Group,” said Seth Gellis, CPP vice president. “Our  teams work well together, and the improvements we’re planning will certainly  benefit the residents of Lawrence Avenue Apartments.”

Through the recapitalization of the project, CPP can bring lower income  residents into the community by offering homes to those with area median  incomes (AMI) at or below 60 percent of the greater Potsdam area.
“We have a great opportunity here to enrich the lives of the residents and  those in the greater Potsdam community by extending and deepening  affordability – from the current 80 percent AMI down to 60 percent AMI,” said  Anand Kannan, president of CPP. “Many in Upstate New York have been hit hard  by the housing crisis, and we are proud to do our part in strengthening the region.”
Additional improvements to the Lawrence Avenue Apartments will  include:
   • Completely redone roofing and windows
   • Solar panel installations
   • New flooring, closets and doors
   • New bathrooms and kitchens
   • Upgrades to the common space, management office, laundry room and  community room
   • New baseboard heaters, water boilers, air conditioning and lighting
Financial partners on the rehabilitation include Key Community Development  Corporation, KeyBank, the St. Lawrence County Industrial Development Agency and the New York State Housing Finance Agency.
About Community Preservation Partners: CPP is an affordable housing  rehabilitation company that owns more than 7,200 units across the United  States. Its mission is to enrich lives and strengthen neighborhoods by recapitalizing, rehabilitating and preserving aging affordable housing  communities. CPP provides simple, practical solutions to complex challenges  facing housing authorities, nonprofits and investors. For more information,  visit www.CPPHousing.com or call Seth Gellis, vice president, for properties  in the eastern U.S. including Texas at (949) 236-8280 or Jack Aronson,  director of development acquisitions, for properties west of Texas at (415) 746-0666.