IRVINE, Calif.--(BUSINESS WIRE)--After bringing a struggling Richmond, Va., community back from the brink of despair, Community Preservation Partners (CPP) has had its efforts recognized by a leading industry publication. Affordable Housing Finance honored CPP for its work on The Belt Atlantic, naming it one of four finalists for the magazine’s Reader’s Choice Award in the Preservation category.
“The Belt Atlantic has come a long way with the help of city officials and our valued business partners, and this recognition is a testament to the efforts of many,” said CPP Vice President Seth Gellis, who oversees company rehabilitations in the Eastern U.S. “Thanks to the work of a talented and tireless team, families can sleep soundly and enjoy a better life without fear of violence.”
The Belt Atlantic, a star among CPP’s growing national affordable housing portfolio, was once a troubled 216-unit multifamily apartment complex known as Midlothian Village, which had been a hotbed of criminal activity.
CPP acquired the property in 2018, expecting major work to be required, but executives discovered its needs were far more dire. Increasing its renovation costs by more than $2 million, CPP immediately invested in the security of the community, adding fencing, cameras and lighting while engaging with residents and government leaders. After the residents’ safety was addressed, CPP added a host of other improvements, including new kitchens, bathrooms, windows, flooring and energy-efficient HVAC systems for every unit. The complex also received a new community room and outdoor amenities.
About Community Preservation Partners: CPP is an affordable housing rehabilitation company that owns more than 8,000 units across the United States. Its mission is to enrich lives and strengthen neighborhoods by recapitalizing, rehabilitating and preserving aging affordable housing communities. CPP provides simple, practical solutions to complex challenges facing housing authorities, nonprofits and investors. For more information, visit www.CPP-Housing.com or call Seth Gellis, vice president, for properties in the Eastern U.S., including Texas, at (949) 236-8280 or Jack Aronson, director of development acquisitions, for properties west of Texas at (415) 746-0666.