Community Preservation Partners Begins $85 Million Apartment Rehabilitation in Lancaster, California
The deal protects the affordable housing designation of the 210-unit Village Pointe Apartments through 2056
By: Community Preservation Partners
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.