Two decades of national growth position mission-driven developer for its next phase of expansion
Keeler Park Apartments
IRVINE, Calif., Sept. 30, 2026 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven national affordable housing developer specializing in the recapitalization, rehabilitation, long-term preservation, and new construction of affordable housing communities, has surpassed $5 billion in affordable housing acquisitions and investment since its founding in 2004. The milestone caps more than two decades of steady national growth and marks the start of the company’s next chapter.
To date, CPP’s work has served 17,398 affordable housing units and more than 63,600 residents across 22 states. The developer’s activity has also created 47,773 jobs and generated approximately $3.77 billion in economic impact.
Since its founding by WNC & Associates, CPP has grown from only supporting affordable housing transactions in rural communities for WNC clients into a national developer with projects spanning a wide range of geographies, property types and financing structures. That growth has been supported by partnerships with investors, lenders, management companies, nonprofits, public agencies and other organizations and partners involved in preserving, creating, and improving affordable housing communities nationwide, a foundation the company is now using to move faster into new markets and new kinds of deals.
“Reaching $5 billion is an important milestone, but it is also a reflection of how far CPP has come and where we’re headed,” said Seth Gellis, President of CPP. “We have grown from supporting others in the industry to developing and preserving affordable housing across the country, with strong partners and teams that hold themselves to a high standard. As we continue to grow, our focus remains on expanding those partnerships, entering new markets and finding more ways to preserve and create affordable housing.”
Recent CPP investments show both the depth of its presence in established markets and its continued reach into new ones:
- Brewery Square Apartments, New Haven, Connecticut – CPP and Beacon Communities acquired the 104-unit community, originally constructed as a brewery in 1896 and converted to housing in the early 1980s. The approximately $43 million redevelopment will preserve the property’s historic character while delivering significant renovations and both add and extend affordability protections. It’s also CPP’s first workforce housing community with a percentage of the units being tailored towards workforce housing. The project will transition 84 units into the Low-Income Housing Tax Credit program and extend the property’s existing Housing Assistance Payment contract by an additional 20 years.
- Witmer Manor, Los Angeles, California – CPP acquired the 239-unit affordable housing community in Los Angeles’ Westlake neighborhood, representing its 19th investment in Los Angeles County. With an approximately $64 million total development investment, the property has finished its renovations focused on accessibility, energy efficiency and improvements to individual residences. All units serve households earning between 30% and 60% of Area Median Income through the Section 8 program.
- Keeler Park Apartments, Rochester, New York – CPP acquired the 526-unit affordable housing community, consisting of two 16-story towers originally built in 1974. With a total development cost of approximately $140 million, the completed renovation modernized major building systems while adding energy-efficiency measures, accessibility improvements, upgraded finishes and expanded resident amenities. The project also preserved long-term affordability, with 491 units supported by a Housing Assistance Payment contract and remaining units restricted to households earning up to 60% of Area Median Income.
That momentum isn’t slowing down: CPP’s pipeline includes projects that would expand its footprint from 22 to 26 states, alongside a growing focus on alternative financing structures and new construction beyond its traditional tax credit-financed preservation work. As CPP looks to its next chapter of growth, the company remains committed to building strong partnerships, expanding access to affordable housing, and supporting the communities and residents it serves.
About Community Preservation Partners
Founded in 2004 by WNC & Associates, a national investor in affordable housing and community renewal initiatives, Community Preservation Partners (CPP) has grown into a national affordable housing developer with more than $5 billion in acquisitions and investment, more than 17,500 affordable multifamily and senior housing units, and a footprint spanning 22 states — and growing. From the beginning, CPP has done things differently: more than a consultant or an investor, CPP is a true partner, joining with leading nonprofits and strategic partners to provide essential social services to residents, support neighborhood initiatives, and transform multifamily affordable housing communities. Creativity, Performance and Purpose are CPP’s core values, defining A Different Way to Home for its employees, partners and communities. To learn more, visit https://www.cpp-housing.com/
MEDIA CONTACT
IDEA HALL
Andy Vernier
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/525e4101-b622-43da-bebb-2f5af035f97c
