Community Preservation Partners has purchased the 176-unit Woodland Hills Apartments, an affordable community under a Section-8 HAP contract in Torrington, Conn., from Belfonti Cos.
CPP will invest roughly $40 million to acquire and upgrade the property set aside for households earning 50 percent of the area median income. The firm plans to renovate the property within 10 months, with minimal displacement for residents.
To finance the investment, CPP secured tax-exempt bond financing and an allocation of LIHTC from the Connecticut Housing Finance Agency.
Sustainability and wellbeing in focus
Originally built in 1973, the two-story, 14-building property was last upgraded in 2001, when the previous owner implemented a LIHTC renovation, said John Fraser, director of development at CPP, in prepared remarks. The affordable community offers a mix of one- to three-bedroom floorplans, ranging from 663 to 1,215 square feet, according to Yardi Matrix data. A total of 330 parking spaces are also available, according to the same data provider.
CPP’s renovations are slated to include energy efficiency and accessibility upgrades, new siding and roofing, parking lot repairs and improvements to the common spaces. Upgrades to each unit are planned to include new kitchen countertops, new energy-star appliances, new flooring and new bathrooms and plumbing fixtures.
A resident service coordinator will also be available, providing several education programs, including financial literacy, computer training, English classes, educational workshops, as well as health and wellness activities.
READ ALSO: Multifamily Wellness Trends That Are Here to Stay
Located on 19 acres at 330 Highland Ave., the community is 1 mile west of downtown Torrington and its several retail, dining and entertainment options, and 27 miles west of Hartford, in Northwest Connecticut. CPP’s affordable housing portfolio also includes Fairbank Apartments, a 121-unit property in New Haven, Conn., some 50 miles south of Woodland Hills, Seth Gellis, senior vice president at CPP, said in prepared remarks.
CPP is seeking to expand its footprint across the entire U.S. Last November, the firm acquired its first North Carolina property, a 228-unit, partially affordable community in Raleigh, for $26 million. The firm is also considering states such as Hawaii, Texas, Ohio, South Carolina, Indiana, or Wisconsin, Gellis told Multi-Housing News in an article published earlier.