ROCHESTER, N.Y., Oct. 20, 2022 (GLOBE NEWSWIRE) -- CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the closing of Keeler Park Apartments located in Rochester, NY. The two, 16-story multi-family housing towers consist of 526 units containing one, two and three-bedroom apartments.
"There is a strong demand and significant need for subsidized and affordable housing across Upstate New York. The site is within two miles of downtown Rochester and is close to employment, retail and related amenities making it an ideal location for residents and an important property to preserve,” said Seth Gellis, senior vice president at CPP. “Residents will benefit from the significant upgrades planned for Keeler Park and will be able to stay in their homes due to the extended affordability protections.”
Keeler Park is CPP’s second property in the Rochester community and third property in New York state. The property was built in 1973 and has not undergone significant renovation since construction, the scope includes the overhaul of major building systems and countless other upgrades. This renovation will focus on the modernization of the property, energy efficiency measures, accessibility improvements, finish upgrades and expanding tenant amenities.
“We are excited to preserve this much needed fixture of the community,” said John Fraser, senior project director at CPP. “This property has an important role in the overall economic vitality of the area and improving quality of life for our residents. We appreciate the support we have received from our many local partners and know that this important work of preserving affordable housing relies on strong industry connections and local relationships.”
CPP’s total development investment is expected to be approximately $140 million, with a purchase price of $66 million and a total investment in renovations of more than $53,000 per unit. Construction is underway and expected to be completed in spring 2024. The project is being co-developed by Conifer with an allocation of Low Income Housing Tax Credits (LIHTC) from New York State Housing and Community Renewal (NYSHCR), and tax-exempt bonds issued by the County of Monroe Industrial Development Agency (COMIDA). Key Community Development Corporation is the LIHTC investor and permanent financing is being provided by Key Bank via Fannie Mae using tax-exempt bonds.
The renovation will include complete finish upgrades to apartments, including; new flooring, quartz countertops, wood cabinets, plumbing fixtures, appliances, bathroom upgrades as well as electrical and HVAC improvements. CPP has planned several energy efficient measures that include the installation of solar panels on the roofs of each tower. The property has several amenities for its residents, including onsite laundry, leasing office, resident lounge, community room, salon, computer room and more. As part of the preservation plan, tenants will have access to resources provided by Rainbow Housing, a national provider of supportive services.
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/0acf865d-99ff-4588-9e86-8b74db00865d
