A break in the status quo came last month as a developer swooped into Raleigh to preserve affordable housing rather than destroy it.
Community Preservation Partners, a housing preservation company based in Virginia and California, recently bought Chandler Ridge Apartments, a 228-unit mixed-income building in Raleigh. The $26 million deal means residents earning 60 percent area median income or below will be able to stay in their homes for another 30 years. The company will also turn 37 market-rate apartments into affordable apartments, according to a news release.
“As the second-fastest-growing metro area in the U.S., Raleigh’s housing market is facing enormous pressure with few affordable options for renters, especially low-income families,” Senior Vice President Seth Gellis said in the release. “By acquiring Chandler Ridge Apartments, we are able to preserve and extend the extremely scarce resource of affordable housing for more than 700 residents.”
Community Preservation Partners is expanding its East Coast operations, with plans to close on another North Carolina property before the end of the year, the release stated.
Renovations to Chandler Ridge Apartments start this month and will include the installation of environmentally-friendly appliances, dishwashers, and washer/dryer hookups, plus new flooring, cabinets, and countertops. The company will also put in new roofing, security, and playground equipment. Construction is expected to be complete in December of next year.
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