BELOIT, Wis., Jan. 17, 2024 (GLOBE NEWSWIRE) -- CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the planned renovation of Woodside Terrace, an affordable housing community just three miles from of downtown Beloit, Wis. The development consists of 120 units, 116 of which are Section 8. This property is CPP’s first investment in Wisconsin.
The community will receive extensive renovations, estimated at $72,912.03 per unit. CPP’s total investment is approximately $27.4 million, which includes a purchase price of $8 million.
Built in 1972 and located at 2255 & 2237 Burton Street and 1948 Fir Drive, the family community consists of three, two-story wood frame buildings on three contiguous parcels. The development includes 90 one-bedroom units averaging 540 square feet, and 30 two-bedroom units averaging 835 square feet.
“This project will provide comprehensive renovations and upgrades to the property,” said Scott Fink, Development Manager for CPP. “CPP will modernize many of the community's systems, increasing accessibility, adding new resident amenities, and preserving the affordability and physical life span of the community.”
CPP will complete significant interior and exterior unit renovations during construction. Interior upgrades will include ADA unit conversions, door replacement (entry, interior, and sliders onto balcony), flooring, drywall repairs, and fresh paint throughout. Each unit will receive kitchen upgrades, including new cabinets, quartz counters, Energy Star rated appliances, and plumbing fixtures. Bathroom upgrades will include new vanities, plumbing fixtures, tile and tub surrounds, accessories, and exhaust fans, as needed.
Community upgrades will feature a new playground, gazebo, dog park, BBQ grills, and bike racks. CPP will also oversee tree trimming, improve paths of travel to enhance the resident experience, and mill, repave and restripe the asphalt parking lot.
The community’s Section 8 contract was set to expire in 2030. With CPP’s acquisition and upgrades, the property will have renewed affordability status for 20 years. Renovations are expected to be completed in December 2025, with minimal impact to residents.
“With the development of Woodside Terrace, CPP is excited to expand our impact into the Wisconsin market and preserve affordability for residents for many years to come,” said Seth Gellis, President of CPP. “These renovations will help to ensure safe and welcoming housing for the families at this community.”
Partners on the project include the Wisconsin Housing and Economic Development Authority (WHEDA), R4 Capital, general contractor Renu, Wisconsin Management Company, and architect C&S Engineering.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by our 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 11,000 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. Visit https://www.cpp-housing.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a1086e74-7e60-40c9-981a-345d0d1b87e8
