Community Preservation Partners(CCP) has plans of renovating its newly acquired Chandler Ridge Apartments, a 228-unit mixed-income community sitting on an 18 acre-site in Raleigh, North Carolina. CCP purchased this property for $26 million, with tax credit equity.
The 228-unit Chandler Ridge Apartments is made up of 19 three-story garden-style buildings with a mix of 16 one-bedroom, 152 two-bedroom and 60 three-bedroom units. The renovations for this property will cover the modernization of building systems, with provisions for more secured access; new roofing and an uplift to the exterior façades. Other outdoor improvements will be carried out on community amenities, and this includes the addition of new playground equipment, a revamped swimming pool, a kids bus shelter area, laundry facility, business center, common room and barbecue/picnic spaces.
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Interior upgrades for the Chandler Ridge Apartments will include the provision of Energy Star refrigerators, dishwashers, electric stoves with range hoods, WaterSense labeled toilets; the buildings will also be furnished with new flooring, cabinets, sinks, granite countertops and have garbage disposals and washer/dryer hookups installed. In addition, CPP also intends on providing comprehensive services aimed at enhancing the wellbeing of tenants residing in the area, which include adults and kids educational programs, health care resources, career readiness sessions, financial resource management and community building activities. The developers expect construction to commence this November and be completed in December 2022.
Chandler Ridge Apartments to provide affordable housing in Raleigh
CCP is making an investment of $60,000 per unit in construction renovations to modernize the Chandler Ridge Apartments This development is being financed with a 4% low-income with tax credit equity provided by PNC Bank, and this deal ensures affordable housing for residents earning from 60% and below of the area median income for an additional 30 years. Redstone Tax-Exempt also provided a loan, with bonds issued by Wake County.
Other companies involved in this project include MFRG-ICON, as general contractor and Ebersoldt & Associates, serving as architect. The Director of development at CPP, John Fraser, pointed out that the company’s resilience and ability to execute this deal over the course of the pandemic, demonstrates the level of creativity and commitment of their team and partners towards preserving affordable housing and also addressing America’s housing shortage issues.
