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CPP, L+M Partner on $123M Overhaul of NJ Seniors Housing
Community Preservation Partners (CPP) recently launched its first rehabilitation project in New Jersey: a $123-million overhaul of the Norman Towers senior apartments in a joint venture with L+M Development Partners. CPP and L+M purchased the 406-unit East Orange property for $94 million and will invest more than $29 million in improvements.
Located on Walnut Street in East Orange, the 406-unit Norman Towers affordable housing community was built in 1980 and hasn’t received any major renovations since the original construction.
“We’re proud to add another state to our growing Eastern portfolio and the Norman Towers project is a great way to make our New Jersey debut,” said Seth Gellis, VP at CPP. Renovations are expected to be completed in two years.
Separately, L+M is undertaking two Section 8 preservation projects in Newark, and partnered on Walker House luxury apartments, an adaptive reuse of the former NJ Bell headquarters in that city.
Rendering courtesy of Inglese Architecture and Engineering.
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