Community Preservation Partnersí Deal Launches New National Expansion Efforts

Acquisition in Richmond, Va., planned rehabilitation mark formal entry into East Coast for affordable housing developer

Online PR News – 05-February-2018 – Irvine, California – <p class="MsoNormal" style="margin: 6.0pt 0in 6.0pt 0in;"><span style="font-family: 'Arial',sans-serif;">After 12 years of acquiring and rehabilitating affordable housing communities primarily in the western region of the U.S., </span><a href="http://www.cpp-housing.com/"><span style="font-family: 'Arial',sans-serif;">Community Preservation Partners</span></a><span style="font-family: 'Arial',sans-serif;"> (CPP) is pleased to announce its expansion into the East Coast with the company&rsquo;s $17.5M acquisition of the multi-family Midlothian Village Apartments in Richmond, Va.</span></p>
<p class="MsoNormal" style="margin-bottom: 6.0pt;"><span style="font-family: 'Arial',sans-serif;">&ldquo;This is a new era for our company, and we are excited to bring our brand of affordable housing solutions to the entire nation,&rdquo; said CPP President </span><a href="http://www.cpp-housing.com/anand-kannan/"><span style="font-family: 'Arial',sans-serif;">Anand Kannan</span></a><span style="font-family: 'Arial',sans-serif;">. &ldquo;Communities across America are at crisis levels as low-income families and seniors struggle to keep up with soaring market-rate rents. We leverage public incentives and private-sector investments to enhance aging properties and deliver long-term affordability that keeps people in their homes and enriches their lives. Now, we will be doing that on a national scale.&rdquo; </span></p>
<p class="MsoNormal" style="margin-bottom: 6.0pt;"><span style="font-family: 'Arial',sans-serif;">The Richmond property, located in the city&rsquo;s south side at 4000 Midlothian Turnpike, was purchased from </span><a href="http://www.tryko.com/"><span style="font-family: 'Arial',sans-serif;">Tryko Partners LLC</span></a><span style="font-family: 'Arial',sans-serif;"> through a joint venture with the Hampstead Companies. It will be rebranded &ldquo;The Belt Atlantic&rdquo; as part of a $9.7 million rehabilitation. </span></p>
<p class="MsoNormal" style="margin-bottom: 6.0pt;"><span style="font-family: 'Arial',sans-serif;">&ldquo;Richmond is the perfect place to begin CPP&rsquo;s new national expansion,&rdquo; said CPP Vice President </span><a href="http://www.cpp-housing.com/seth-gellis/"><span style="font-family: 'Arial',sans-serif;">Seth Gellis</span></a><span style="font-family: 'Arial',sans-serif;">, who is heading the company&rsquo;s eastern growth initiative. &ldquo;It is a city with a rich culture and proud traditions, and we intend to help bolster it economically, hopefully being a catalyst for additional investment in the south side. We have a long-term commitment to the residents of The Belt Atlantic and look forward to revitalizing the community and demonstrating how we help make positive change in neighborhoods.&rdquo;</span></p>
<p class="MsoNormal" style="margin-bottom: 6.0pt;"><span style="font-family: 'Arial',sans-serif;">The 216-unit community was constructed in 1971 and remodeled in 2002. </span></p>
<p class="MsoNormal"><span style="font-family: 'Arial',sans-serif;">CPP&rsquo;s </span><span class="BodyTextIn">in-unit renovations will include adding:</span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l1 level1 lfo1;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">Updated kitchens and bathrooms</span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l1 level1 lfo1;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">New windows, entry doors and flooring</span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l1 level1 lfo1;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">Energy-efficient HVAC and lighting</span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l1 level1 lfo1;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">New energy-efficient appliances</span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l1 level1 lfo1;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">New flooring</span></p>
<p class="MsoNormal" style="margin-top: 6.0pt;"><span class="BodyTextIn">Additionally, community-wide improvements to the common areas will include:</span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l0 level1 lfo2;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">Installing new security cameras, access systems, lights, perimeter fencing and gates </span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l0 level1 lfo2;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">Repairing the parking lots </span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l0 level1 lfo2;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">Adding and maintaining new landscaping</span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l0 level1 lfo2;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">Revamping the playground, basketball court and seating areas </span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l0 level1 lfo2;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">Roofing</span></p>
<p class="MsoListParagraph" style="text-indent: -.25in; mso-list: l0 level1 lfo2;"><!-- [if !supportLists]--><span class="BodyTextIn"><span style="mso-ansi-font-size: 11.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;">&middot;<span style="font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 7pt; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="BodyTextIn">Fa&ccedil;ade enhancements</span></p>
<p class="MsoNormal" style="margin-top: 6.0pt;"><span style="font-family: 'Arial',sans-serif;">With more than 6,500 units in its affordable housing portfolio, CPP has invested more than $1 billion into American neighborhoods that need it the most. It routinely preserves affordability for an additional half-century in the communities it rehabilitates while making them indistinguishable from market-rate apartments. Additional initiatives include the delivery of social services and the ability to make the communities more environmentally friendly. </span></p>
<p class="MsoNormal" style="margin-top: 6.0pt;"><span style="font-family: 'Arial',sans-serif;">&ldquo;At the end of the day, CPP is not simply a landlord or investor. We are stewards of the communities we rehabilitate,&rdquo; Gellis said. &ldquo;We look forward to fulfilling our mission of enriching lives and strengthening neighborhoods in Richmond as well as the rest of the nation.&rdquo;</span></p>
<p>&nbsp;</p>
<p style="margin: 6.0pt 0in .0001pt 0in;"><strong><em><span style="font-size: 11.0pt; font-family: 'Arial',sans-serif;">About Community Preservation Partners:</span></em></strong><em><span style="font-size: 11.0pt; font-family: 'Arial',sans-serif;"> CPP is an affordable housing rehabilitation company that owns more than 6,500 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 </span></em><a href="http://www.cpp-housing.com/"><em><span style="font-size: 11.0pt; font-family: 'Arial',sans-serif;">www.CPP-Housing.com</span></em></a><em><span style="font-size: 11.0pt; font-family: 'Arial',sans-serif;"> 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 (<span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">415) 746-0666</span>.</span></em></p>

Bookmarkse-mailGoogledel.icio.usStumbleUponSlashdotFurlDiggTechnoratiYahooMyWebBlinkListSpurlRawSugarWists
 
 
Contact Information
Andrew King
HKA Marketing Communications]

7144260444