MILWAUKEE, Feb. 19, 2026 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned rehabilitation of Highland Park Apartments in Milwaukee, Wisconsin.
Located at 1600 W. Highland Avenue, west of downtown Milwaukee, Highland Park Apartments is an established affordable housing community with a long record of stable occupancy. Built in 1973 and renovated in 2009, the property includes 150 apartment homes across three three-story brick buildings. The unit mix consists of 100 one-bedroom units and 50 two-bedroom units, serving Milwaukee residents with access to quality, well maintained housing. The total development cost is approximately $38M, which includes the purchase price of $14M and estimated renovation costs of approximately $68,982 per unit.
“This project protects and strengthens the Highland Park community through critical rehabilitation work focused on resident safety, comfort, and long-term housing stability,” said Alexis Castillo, Development Manager, CPP. “By preserving affordability and addressing building needs that affect daily life, we support safe homes and lasting stability for the families who depend on this community.”
Highland Park Apartments plays a critical role in meeting Milwaukee’s demand for deeply affordable family housing. The community is fully supported through a project-based Section 8 Housing Assistance Payments (HAP) contract, allowing residents to pay no more than 30% of their income toward rent while maintaining long-term affordability at 60% of Area Median Income. With historical occupancy exceeding 98% and market vacancy rates below 2% for comparable affordable properties, the preservation of Highland Park addresses an ongoing shortage of quality housing options for income-qualified households. Rehabilitation will be completed through a phased, in-place approach, allowing residents to remain in their homes throughout construction with no permanent displacement. Renovations are expected to be completed in spring 2027.
The rehabilitation addresses deferred maintenance while also meeting Wisconsin Housing and Economic Development Authority (WHEDA) Green Building requirements. Planned improvements will modernize building systems, including new energy-efficient windows, roofing, HVAC upgrades, and enhanced site lighting and controlled access features. Interior upgrades will improve safety, accessibility, and daily living, while new amenities will include outdoor gathering spaces, a playground, dog park, exterior fitness area, and upgraded community spaces designed around resident needs.
The project uses a long-term preservation approach designed to extend the life of the property while maintaining affordability for current and future residents.
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 17,000 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/
MEDIA CONTACT
IDEA HALL
Andy Vernier
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a45a84f-4f6e-4931-a727-4d09f3c03876