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
IRVINE, Calif. - Aug. 27, 2020 - PRLog -- 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.
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Tags:Affordable Housing
Location:Irvine - California - United States
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