CPP Announces Acquisition of Crestview Terrace in Ellensburg, Washington
This article was originally published on Globe Newswire
ELLENSBURG, Wash., June 05, 2024 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the acquisition and planned renovation of Crestview Terrace, an affordable housing development in Ellensburg, Wash.
Built in 1970, Crestview Terrace last underwent renovation in 2008, and has since experienced deferred maintenance. The development’s 168 units are spread across 76 single-story buildings, comprised of 95 one-bedroom units, 36 two-bedroom units, 26 three-bedroom units, and 9 four-bedroom units. The property is restricted to residents earning between 40% and 50% of the area median income (AMI). In addition to serving low-income individuals and families, the property serves a number of special needs groups including large families, persons with disabilities, and people experiencing homelessness.
“Over 50% of the households in the Ellensburg market are rent overburdened,” said Karen Buckland, Vice President – Development at CPP. “Both the property and the local housing authority maintain an extensive waitlist, underscoring the large demand for affordable housing in the area.”
Interior upgrades will include the installation of new kitchen cabinets, countertops, LVP flooring, Energy Star refrigerators, dishwashers, ranges and hoods, sinks, faucets, low-flow toilets and showerheads, mini-split HVAC units, water heaters, ceiling fans, and LED lighting. Exterior upgrades will include window replacement, new roofing and siding, sealcoat and striping of the parking lot, landscape improvements, ADA unit conversions, and path of travel improvements, along with the addition of a dog park and community garden.
The property’s affordability status was set to expire in 25 years, but with CPP’s involvement, it will now remain affordable housing for the next 40 years.
“The housing needs of rural areas are often overlooked, but these communities still have considerable needs for affordable housing,” said Seth Gellis, President at CPP. “In addition to serving residents, the renovation of Crestview Terrace will offer ample opportunity for local construction workers to gain employment and will likely continue to spur new investment in the local area.”
The MGP and non-profit partner, HopeSource, will be providing services to the property residents experiencing homelessness. This includes assisting families and individuals with goal setting and self-sufficiency planning, as well as connecting clients with community resources and classes to bolster skills in budgeting, money management, nutrition, home management, parenting, literacy, employment training, and childcare.
Construction is scheduled to begin in June 2024 with anticipated completion by July 2025. Each household will be temporarily relocated for 7-10 days at no cost to the tenants, after which they will return to a fully renovated apartment home.
The deal is structured with 4% tax credits and private activity bonds, allocated and issued by Washington State Housing Finance Commission (WSHFC). The tax credits will be syndicated by Huntington National Bank. The tax-exempt permanent financing and construction financing will be provided by Citi Community Capital. Crestview Terrace will be built to the Evergreen Sustainable Building Standard and Washington State Housing Finance Commission requirements.
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 15,000 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. To learn more, visit: https://www.cpp-housing.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5ea73dff-7bfd-47e9-8033-296dd8c2d5f3
