American housing developer Community Preservation Partners (CPP) has revealed its plans to renovate Cambridge Square Apartments in Monroeville, Pennsylvania, US.
This marks CPP’s second investment in Pennsylvania, following the acquisition of Allegheny Commons in Downtown Pittsburgh earlier in May this year.
The partners on this project are the Pennsylvania Housing Finance Agency (PHFA) and Key Bank.
The PHFA serves as the bond issuer, granting 4% low-income housing tax credits while Key Bank provides debt financing via the Freddie Mac TEL programme.
CPP Special Projects director Thomas Gibson said: “This project builds on the work that we are already doing downtown at Allegheny Commons and helps to support the community by preserving much-needed affordable housing.
“We are thrilled to be moving forward after over two years of planning during a very challenging economic environment.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Situated 14 miles east of Downtown Pittsburgh, the development comprises eight two-storey residential buildings, featuring 204 apartments with one- to three-bedroom layouts.
Constructed in 1974 at 120 Cambridge Square Drive, the community will now undergo renovations worth $18.8m, with each unit costing approximately $92,289.
The total investment by CPP is roughly $47.2m, which includes a $16.6m purchase price.
The renovation project will include the addition of a new community building that will host resident meetings, maintenance storage, gatherings, and leasing offices.
It will also include the reconstruction of a building at the site. In March this year, a large fire that broke out in Monroeville destroyed the building with 28 units.
Each unit at the site will be upgraded with new kitchen countertops, appliances, flooring, and bathroom improvements alongside the installation of new windows and roofs.
Existing amenities in the community include a playground, central laundry rooms, and surface parking spots.
Works on the renovations are anticipated to be completed in December 2024.
Additionally, the property will collaborate with American Healthcare Group to offer supportive services.