CPP Announces Acquisition of Allegheny Commons Apartments in Pittsburgh, Pennsylvania
Planned renovation of 136-unit complex marks CPP’s first investment in Pittsburgh
Allegheny Commons
PITTSBURGH, May 04, 2023 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the closing of Allegheny Commons apartments. The community is located at 255 E. Ohio Street, in the revitalized and highly desirable North Shore neighborhood of Pittsburgh. The 136-unit multifamily complex is less than a mile from the Central Business District and marks the first investment in this market for CPP.
CPP’s total development investment is expected to be approximately $46.4 million, with a total investment in renovations of $11.3 million. Renovation begins immediately and is expected to be completed by February 2024. Throughout the renovation process, CPP will ensure that the impact on residents is as minimal as possible.
CPP will conduct a major rehabilitation of the community, which was originally built in 1973 and consists of 20 residential buildings. The work will include common area and exterior renovations including accessibility upgrades, flooring upgrades, parking lot repair and exterior pressure washing and paint, among other upgrades.
Individual apartment renovations will include new energy-efficient kitchen appliances, solid surface countertops in kitchens and bathrooms, new sinks and faucets, LED lights, new windows, and converting 5% of units to meet ADA accessibility requirements. The development will meet Enterprise Green Communities (EGC) 2020 standards.
One hundred and twelve (approximately 82%) of the units are covered under a project-based Section 8 Housing Assistance Payments (HAP) contract. Additionally, the project includes 24 tax credit units restricted to 60% AMI. The new HAP contract will extend affordability for 20 years, setting the AMI at 50%.
“CPP’s properties are not only investments, but they’re also sources of great pride for the owners and communities they serve,” said Anand Kannan, President of CPP. “This rehab will completely transform this property into a modern, safe community in the heart of downtown Pittsburgh.”
Allegheny Commons is a short walk to the Deutschtown Historic District with numerous shops and restaurants and is only 0.4 miles from PNC Park and 0.9 miles from Acrisure Stadium. Also nearby are a public park, church, office building and several market-rate apartment complexes.
“With this investment and major renovation at Allegheny Commons, CPP will help ameliorate the loss of affordable units in this rapidly changing area,” said Seth Gellis, Senior Vice President of CPP. “By preserving affordable housing, we are not only making a positive impact on the property’s residents, but also contributing to the revitalization of the area.”
CPP often partners with other organizations on renovation projects to help set up support systems. At Allegheny Commons, CPP will provide residents supportive services through a partnership with American Healthcare Group and is also working closely with Allegheny Center Alliance Church to offer other programs and opportunities to residents.
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 11,000 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. Visit https://www.cpp-housing.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e86ad2ab-8196-4b18-8afc-2fc6a895dd48
CONTACT: MEDIA CONTACT IDEA HALL Rachel Fuller Rachel@ideahall.com
