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CPP Purchases $26M Raleigh Multifamily for Affordable Housing Program
Community Preservation Partners has acquired Chandler Ridge Apartments, a 228-unit mixed-income community in Raleigh, NC, for $26 million. The organization also plans to invest another $60,000 per unit into renovations.
CPP financed the development with tax credit equity provided by PNC Bank and a loan from Redstone Tax-Exempt Funding with bonds issued by Wake County.
The property was purchased with 4% low-income tax credit equity, and the deal preserves affordability for those earning 60% AMI or lower for an additional 30 years while also extending affordability to 37 formerly market-rate units.
CPP will provide comprehensive services to enhance the wellbeing of residents, including educational programs for children and adults, health care resources, career readiness classes and financial resource management.
“As the second-fastest growing metro area in the US, Raleigh’s housing market is facing enormous pressure with few affordable options for renters, especially low-income families,” said Seth Gellis, senior vice president of CPP East.
- ◦Sale/Acquisition
