CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the acquisition and planned renovation of Crestview Terrace, an affordable housing development in Ellensburg, Wash.
Built in 1970, Crestview Terrace last underwent renovation in 2008, and has since experienced deferred maintenance. The development’s 168 units are spread across 76 single-story buildings, comprised of 95 one-bedroom units, 36 two-bedroom units, 26 three-bedroom units, and 9 four-bedroom units. The property is restricted to residents earning between 40% and 50% of the area median income (AMI). In addition to serving low-income individuals and families, the property serves a number of special needs groups including large families, persons with disabilities, and people experiencing homelessness.
“Over 50% of the households in the Ellensburg market are rent overburdened,” said Karen Buckland, Vice President - Development at CPP. “Both the property and the local housing authority maintain an extensive waitlist, underscoring the large demand for affordable housing in the area.”
Interior upgrades will include the installation of new kitchen cabinets, countertops, LVP flooring, Energy Star refrigerators, dishwashers, ranges and hoods, sinks, faucets, low-flow toilets and showerheads, mini-split HVAC units, water heaters, ceiling fans, and LED lighting. Exterior upgrades will include window replacement, new roofing and siding, sealcoat and striping of the parking lot, landscape improvements, ADA unit conversions, and path of travel improvements, along with the addition of a dog park and community garden.
The property’s affordability status was set to expire in 25 years, but with CPP’s involvement, it will now remain affordable housing for the next 40 years.
“The housing needs of rural areas are often overlooked, but these communities still have considerable needs for affordable housing,” said Seth Gellis, President at CPP. "In addition to serving residents, the renovation of Crestview Terrace will offer ample opportunity for local construction workers to gain employment and will likely continue to spur new investment in the local area.”
The MGP and non-profit partner, HopeSource, will be providing services to the property residents experiencing homelessness. This includes assisting families and individuals with goal setting and self-sufficiency planning, as well as connecting clients with community resources and classes to bolster skills in budgeting, money management, nutrition, home management, parenting, literacy, employment training, and childcare.
Construction is scheduled to begin in June 2024 with anticipated completion by July 2025. Each household will be temporarily relocated for 7-10 days at no cost to the tenants, after which they will return to a fully renovated apartment home.
The deal is structured with 4% tax credits and private activity bonds, allocated and issued by Washington State Housing Finance Commission (WSHFC). The tax credits will be syndicated by Huntington National Bank. The tax-exempt permanent financing and construction financing will be provided by Citi Community Capital. Crestview Terrace will be built to the Evergreen Sustainable Building Standard and Washington State Housing Finance Commission requirements.
Community Preservation Partners, a mission-driven affordable housing preservation developer, and Beacon Communities, one of the nation’s leading affordable housing development and management companies, have announced the acquisition and planned rehabilitation of Brewery Square Apartments in New Haven, Connecticut. This is the second community for CPP in the Fair Haven neighborhood, following the recent completion of nearby Fairbank Apartments.
Located at 1 Brewery Square along the Quinnipiac River, Brewery Square is a two-building, 104-unit apartment community originally constructed in 1896 as a brewery and later converted to housing in the early 1980s. With this acquisition, the team will extend affordability protections and implement significant renovations while preserving the historic character of the property.
“This acquisition allows us to increase and deepen affordability while also extending the life of a property that is deeply cherished by the community,” said John Fraser, Vice President of Development at CPP. “We are proud to protect the historic fabric of this neighborhood while delivering modern upgrades that respond directly to resident needs.”
The total development investment of approximately $43 million includes extensive renovations estimated at $112,342 per unit. Planned upgrades include all-new stainless-steel appliances, updated bathrooms, quartz countertops, new windows, refinished floors, and the installation of advanced security systems. The site will also feature enhanced landscaping, cobblestone walkways, and the adaptive reuse of the historic gatehouse into a secure indoor bike storage area — an amenity specifically requested by residents. Additionally, the renovations are expected to improve the property’s energy performance by more than 15%, enhancing efficiency and reducing utility costs.
"Brewery Square serves as a model for high-quality, architecturally interesting, mixed-income housing,” said Sarah Miller, Fair Haven Alder. “We look forward to CPP and Beacon building upon and extending this legacy, preserving both affordability and quality for another generation."
The renovation will transition 84 of the 104 units into the Low-Income Housing Tax Credit (LIHTC) program, with affordability levels ranging from 30% to 80% of Area Median Income (AMI), averaging just below 60%. The property’s existing HAP contract, currently set to expire in 2034, will be extended by an additional 20 years, ensuring long-term affordability.
Brewery Square is made up of two continuous buildings and features a unit mix of two efficiency units, 41 one-bedroom units, 55 two-bedroom units, and six three-bedroom units. The property offers ample parking with 151 total spaces split between a 107-space front lot and a 44-space rear lot. Occupancy has consistently exceeded 95%, and residents have played a key role in shaping planned improvements, particularly those that preserve the community’s historic charm and enhance daily living.
“The adaptive reuse of Brewery Square Apartments will modernize and expand affordable housing options In New Haven, while breathing new life into a piece of the City’s history,” said Dara Kovel, CEO, Beacon Communities. “We’re honored to bring our exceptional property management to a new community of New Haven residents. Thank you to our partners at Community Preservation Partners, who share our commitment to creating quality housing that will remain affordable for generations to come.”
Brewery Square marks the fifth property for Beacon Communities in New Haven. The company currently manages Ninth Square Apartments, Edith Johnson Towers and Monterey Place, and started construction last year on The Atwater at Ninth Square, which is expected to be completed in 2026.
The project leverages LIHTC 4% tax credits and tax-exempt bonds. Financing partners include NewPoint as the construction and permanent lender, KeyBank as the tax credit and EBL investor, Eversource as the state historic tax credit investor, and JPMorgan Chase as the federal historic tax credit investor. Heritage Consulting has been retained to ensure all work complies with National Park Service historic guidelines.
CPP, a mission-driven affordable housing preservation developer, in partnership with Housing New Mexico, Bernalillo County, Near North Valley Neighborhood Association, and the City of Albuquerque, has announced the acquisition and planned renovation of St. Anthony Plaza Apartments, an affordable housing complex in Albuquerque, N.M.. This is the 39th community in New Mexico for CPP.
St. Anthony Plaza Apartments is located at 1750 Indian School Road NW in the Near North Valley region of Albuquerque. Originally built in 1975 and designed to accomodate multigenerational living, the property is in need of substantial rehabilitations. St. Anthony Plaza offers 46 one-bedroom, 76 two-bedroom, 24 three-bedroom and 14 four-bedroom units across 11, two-story buildings. CPP’s total development investment is approximately $70M, which includes the purchase price of $27.16M and estimated renovation costs of approximately $122,000 per unit.
“Currently, over half of the renters in Albuquerque are cost burdened, meaning they are spending more than 30% of their income on housing,” said Belinda Lee, Vice President of Development at CPP. “The acquisition and redevelopment of St. Anthony Plaza will help preserve and improve much-needed affordable housing for the city, ensuring that low-income families have a safe, stable place to call home.”
St. Anthony Plaza is set to undergo a transformative renovation, bringing modern, energy-efficient upgrades that will enhance both sustainability and resident comfort. These improvements will include state-of-the-art Energy Star-rated appliances, new windows designed for efficiency, and LED lighting throughout the community. Water conservation will be a key focus, with low-flow and flush-rated plumbing fixtures and a full domestic water repipe. Residents will also benefit from a brand-new heating and cooling system, along with crucial electrical upgrades. Inside each unit, healthier living spaces will be created with low-VOC flooring, paint, and adhesives, as well as formaldehyde-free cabinets and countertops. In addition, accessibility improvements will ensure smooth, compliant pathways to residences, amenities, and parking, with enhanced common areas and restrooms designed to better serve all residents.
Beyond the interiors, the exterior of St. Anthony Plaza will receive a much-needed facelift, including stucco repairs, fresh paint, and new roofing to improve both aesthetics and durability. The community’s outdoor spaces will also see major enhancements, including resurfaced and restriped parking across 10 acres, improved drainage and erosion control, and ACM remediation. Safety and security remain a top priority, with plans for additional lighting, a new 6-foot perimeter fence, and controlled access to create a more secure and welcoming environment. These upgrades reflect a steadfast commitment to providing a modern, accessible, and vibrant community where residents can feel safe and comfortable.
“At CPP, we are dedicated to preserving and enhancing affordable housing communities that provide stability for families and individuals,” said Alexis Castillo, Assistant Development Manager at CPP. “The renovations at St. Anthony Plaza will not only improve the quality of life for residents through modern, energy-efficient upgrades but also ensure long-term affordability for generations to come. We are proud to partner with local organizations to bring these critical improvements to Albuquerque’s Near North Valley community.”
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by Spring 2026. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 30 years. All units will be income restricted to family households at or below 60% of Area Median Income (AMI).
Additional partners on the project include Bernalillo County, who will issue $33,500,000 in tax-exempt multifamily housing revenue bonds. Ready Capital will provide the financing by purchasing bonds through a private placement. PNC will serve as the equity investor.
CPP, a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Ramona Park, an affordable housing complex in Baldwin Park, Calif. This is CPP’s fourth project in the Los Angeles area in the past year.
Ramona Park is located at 13870 Ramona Boulevard in Baldwin Park, approximately 15 miles east of Downtown Los Angeles. Designed with families in mind, the property is comprised of eight, two-story, garden-style buildings which house 49 one-, two-, and three-bedroom units. Community amenities include a community room, playground, and laundry room, as well as on-site management. CPP plans to invest $75,000 per unit in renovations.
"The renovations at Ramona Park reflect our ongoing commitment to preserving and enhancing affordable housing in Metro Los Angeles, where the need has never been greater. With more than 500,000 low-income households in the region struggling to find affordable rental options, it is critical that we invest in maintaining and modernizing these communities,” said Belinda Lee, Vice President of Development at CPP. “This acquisition, preservation and rehabilitation of the property will not only improve the quality of life for our residents but also ensure long-term sustainability, accessibility, and security for families who call Ramona Park home."
Ramona Park is set to undergo significant renovations to address long-overdue maintenance needs. The improvements will include both interior and exterior upgrades, such as new windows, flooring, cabinets, countertops, appliances, and lighting. Additionally, ADA-compliant units and pathways will be enhanced to meet local accessibility requirements. As part of the revitalization, new amenities will be introduced, including a picnic area, bike racks, a business center, social services, and surveillance cameras.
“Preserving and improving affordable housing is essential to supporting the well-being of our communities. The renovations at Ramona Park will provide residents with safer, more modern homes while also enhancing accessibility and adding valuable amenities,” said Philip Choi, Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site, instructor-led adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. All units will be income restricted to family households earning 30%, 40%, 50% and 60% percent of the Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. US Bank is providing construction financing and Capital One serves as the permanent lender, using a Freddie Mac product.
Community Preservation Partners, a mission-driven affordable housing preservation developer, and Beacon Communities, one of the nation’s leading affordable housing development and management companies, have announced the acquisition and planned rehabilitation of Brewery Square Apartments in New Haven, Connecticut. This is the second community for CPP in the Fair Haven neighborhood, following the recent completion of nearby Fairbank Apartments.
Located at 1 Brewery Square along the Quinnipiac River, Brewery Square is a two-building, 104-unit apartment community originally constructed in 1896 as a brewery and later converted to housing in the early 1980s. With this acquisition, the team will extend affordability protections and implement significant renovations while preserving the historic character of the property.
“This acquisition allows us to increase and deepen affordability while also extending the life of a property that is deeply cherished by the community,” said John Fraser, Vice President of Development at CPP. “We are proud to protect the historic fabric of this neighborhood while delivering modern upgrades that respond directly to resident needs.”
The total development investment of approximately $43 million includes extensive renovations estimated at $112,342 per unit. Planned upgrades include all-new stainless-steel appliances, updated bathrooms, quartz countertops, new windows, refinished floors, and the installation of advanced security systems. The site will also feature enhanced landscaping, cobblestone walkways, and the adaptive reuse of the historic gatehouse into a secure indoor bike storage area — an amenity specifically requested by residents. Additionally, the renovations are expected to improve the property’s energy performance by more than 15%, enhancing efficiency and reducing utility costs.
"Brewery Square serves as a model for high-quality, architecturally interesting, mixed-income housing,” said Sarah Miller, Fair Haven Alder. “We look forward to CPP and Beacon building upon and extending this legacy, preserving both affordability and quality for another generation."
The renovation will transition 84 of the 104 units into the Low-Income Housing Tax Credit (LIHTC) program, with affordability levels ranging from 30% to 80% of Area Median Income (AMI), averaging just below 60%. The property’s existing HAP contract, currently set to expire in 2034, will be extended by an additional 20 years, ensuring long-term affordability.
Brewery Square is made up of two continuous buildings and features a unit mix of two efficiency units, 41 one-bedroom units, 55 two-bedroom units, and six three-bedroom units. The property offers ample parking with 151 total spaces split between a 107-space front lot and a 44-space rear lot. Occupancy has consistently exceeded 95%, and residents have played a key role in shaping planned improvements, particularly those that preserve the community’s historic charm and enhance daily living.
“The adaptive reuse of Brewery Square Apartments will modernize and expand affordable housing options In New Haven, while breathing new life into a piece of the City’s history,” said Dara Kovel, CEO, Beacon Communities. “We’re honored to bring our exceptional property management to a new community of New Haven residents. Thank you to our partners at Community Preservation Partners, who share our commitment to creating quality housing that will remain affordable for generations to come.”
Brewery Square marks the fifth property for Beacon Communities in New Haven. The company currently manages Ninth Square Apartments, Edith Johnson Towers and Monterey Place, and started construction last year on The Atwater at Ninth Square, which is expected to be completed in 2026.
The project leverages LIHTC 4% tax credits and tax-exempt bonds. Financing partners include NewPoint as the construction and permanent lender, KeyBank as the tax credit and EBL investor, Eversource as the state historic tax credit investor, and JPMorgan Chase as the federal historic tax credit investor. Heritage Consulting has been retained to ensure all work complies with National Park Service historic guidelines.
CPP, a mission-driven affordable housing preservation developer, in partnership with Housing New Mexico, Bernalillo County, Near North Valley Neighborhood Association, and the City of Albuquerque, has announced the acquisition and planned renovation of St. Anthony Plaza Apartments, an affordable housing complex in Albuquerque, N.M.. This is the 39th community in New Mexico for CPP.
St. Anthony Plaza Apartments is located at 1750 Indian School Road NW in the Near North Valley region of Albuquerque. Originally built in 1975 and designed to accomodate multigenerational living, the property is in need of substantial rehabilitations. St. Anthony Plaza offers 46 one-bedroom, 76 two-bedroom, 24 three-bedroom and 14 four-bedroom units across 11, two-story buildings. CPP’s total development investment is approximately $70M, which includes the purchase price of $27.16M and estimated renovation costs of approximately $122,000 per unit.
“Currently, over half of the renters in Albuquerque are cost burdened, meaning they are spending more than 30% of their income on housing,” said Belinda Lee, Vice President of Development at CPP. “The acquisition and redevelopment of St. Anthony Plaza will help preserve and improve much-needed affordable housing for the city, ensuring that low-income families have a safe, stable place to call home.”
St. Anthony Plaza is set to undergo a transformative renovation, bringing modern, energy-efficient upgrades that will enhance both sustainability and resident comfort. These improvements will include state-of-the-art Energy Star-rated appliances, new windows designed for efficiency, and LED lighting throughout the community. Water conservation will be a key focus, with low-flow and flush-rated plumbing fixtures and a full domestic water repipe. Residents will also benefit from a brand-new heating and cooling system, along with crucial electrical upgrades. Inside each unit, healthier living spaces will be created with low-VOC flooring, paint, and adhesives, as well as formaldehyde-free cabinets and countertops. In addition, accessibility improvements will ensure smooth, compliant pathways to residences, amenities, and parking, with enhanced common areas and restrooms designed to better serve all residents.
Beyond the interiors, the exterior of St. Anthony Plaza will receive a much-needed facelift, including stucco repairs, fresh paint, and new roofing to improve both aesthetics and durability. The community’s outdoor spaces will also see major enhancements, including resurfaced and restriped parking across 10 acres, improved drainage and erosion control, and ACM remediation. Safety and security remain a top priority, with plans for additional lighting, a new 6-foot perimeter fence, and controlled access to create a more secure and welcoming environment. These upgrades reflect a steadfast commitment to providing a modern, accessible, and vibrant community where residents can feel safe and comfortable.
“At CPP, we are dedicated to preserving and enhancing affordable housing communities that provide stability for families and individuals,” said Alexis Castillo, Assistant Development Manager at CPP. “The renovations at St. Anthony Plaza will not only improve the quality of life for residents through modern, energy-efficient upgrades but also ensure long-term affordability for generations to come. We are proud to partner with local organizations to bring these critical improvements to Albuquerque’s Near North Valley community.”
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by Spring 2026. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 30 years. All units will be income restricted to family households at or below 60% of Area Median Income (AMI).
Additional partners on the project include Bernalillo County, who will issue $33,500,000 in tax-exempt multifamily housing revenue bonds. Ready Capital will provide the financing by purchasing bonds through a private placement. PNC will serve as the equity investor.
