PITTSBURG, Kan., Aug. 13, 2024 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Sycamore Village Apartments, an affordable housing community in southeast Kansas, near the Missouri border. CPP is partnering with Riverstone Platform Partners, LLC, a full-service real estate development and consulting company focusing on affordable, workforce, and market rate multifamily assets.
Built in 1972, the 11-acre property was last renovated in 2006 and will undergo extensive improvements, creating a more enjoyable and family friendly environment for its residents. With a renovation cost of $188,924 per unit and a purchase price of $6,000,000, the total development cost is estimated at $24,190,000. Following the renovation, all units will be Low-Income Housing Tax Credit (LIHTC)-restricted to income levels at or below the 50% Area Median Income (AMI) level.
“Southeast Kansas is a new market for CPP, and a great opportunity for us to revitalize an otherwise overlooked community,” said Seth Gellis, President at CPP. “With this purchase and renovation, we will be able to extend the affordability of Sycamore Village Apartments and renew the Section-8 Housing Assistance Payment (HAP) contract for residents for another 20 years.”
Located at 2601 North Joplin Street, the 128-unit community consists of 12 two- and three-story buildings offering 32 one-bedroom units (530 SF), 48 two-bedroom units (1,100 SF), and 48 three-bedroom units (1,220 SF).
Interior renovations will consist of upgrades including installation of new HVAC systems, energy-efficient kitchen appliances, doors, windows, LED lighting, cabinets and countertops, smoke detectors, and grab bars for ADA units.
Exterior work will bring new roof shingles, paint, new mailboxes, more security cameras, and a new access gate for the community, with the addition of a new playground, charcoal BBQ grill, bike racks and secure dog park. Residents will also have a new exercise room, laundry room, replaced basketball hoops, and free Wi-Fi in all common areas.
Partners on the project include the Kansas Housing Resources Corporation (KHRC), which is providing 4% tax credits, the Kansas Development Finance Authority, which is providing tax-exempt bonds, Key Bank, Stearns Bank, and Berkadia.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by their parent company, WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed, and rehabilitated more than 15,000 affordable multifamily and senior housing units nationwide. From the very beginning, they’ve done things differently. As more than a consultant or an investor, CPP is a true partner in every sense. By joining leading nonprofits and strategic partners, they can provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities. Creativity, Performance, and Purpose are their core values and embody everything they do. Together they define A Different Way to Home for their excellent employees, partners, and communities. To learn more, visit: https://www.cpp-housing.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d668cbd-cbd0-4cf4-adeb-6895d92d51c7
