The deal protects the affordable housing designation of the 210-unit Village Pointe Apartments through 2056
IRVINE, Calif. (Aug. 27, 2020) – The 210-unit Village Pointe Apartments in Lancaster, California, is the latest multifamily complex to receive a complete renovation from national affordable housing rehabilitation leader Community Preservation Partners, the company announced.
After a busy year growing its national portfolio, CPP has returned to its home state to expand its well-established California portfolio with an $85 million rehabilitation of Village Pointe. First built in 1983, the property was recently purchased by CPP from a California limited partnership for $54.35 million with an additional $31 million earmarked for renovations and soft costs. The deal will extend affordable housing protection for the complex until 2056.
Major improvements during the rehabilitation will include:
- New cabinets, countertops and flooring for individual units
- New plumbing fixtures and bathroom accessories
- New Energy Star® appliances
- New roofing
- New security system
- Improved rec, computer and laundry rooms
- New entry gate and fencing for the community rose garden
- New light fixtures and handrails, stucco repairs and fresh paint on building exterior
In addition to these upgrades, the property is designed to achieve Enterprise Green Communities certification for climate-resilient, zero-emission healthy affordable housing, which will include the installation of an all-new, environmentally friendly wastewater system.
“Our mission is to enrich the lives of our residents and ensure their community is a place they are proud to call home for years to come,” said CPP President Anand Kannan. “We are always especially gratified when we can extend affordability for residents – in this case through 2056 – and make a positive impact that will last a lifetime.”
Construction has already begun on the property and is expected to finish in early 2021. Residents living in ADA units will be temporarily relocated to a hotel for 30 days during construction. Other residents will be provided dedicated hospitality and bathroom areas from 8 to 5 p.m. and will be able to return to their units at night. All necessary COVID-19 precautions will be taken to protect residents throughout construction.
Financial partners on this project include Citibank and Affordable Housing Access.
About Community Preservation Partners: CPP is an affordable housing rehabilitation company that owns more than 8,000 units across and has invested more than $2 billion in affordable housing communities across the nation. 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, 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.