CPP Announces Acquisition of Ellicott Park Townhomes in Buffalo, New York
Planned renovation of 220 units marks CPP’s fourth investment in upstate New York
Ellicott Park Townhomes
BUFFALO, N.Y., May 16, 2023 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the closing of Ellicott Park Townhomes. The 8.9-acre property consists of two non-contiguous parcels and is located at 10 Durham Court in downtown Buffalo, a few blocks from the main business district.
CPP’s total development investment is expected to be approximately $54.7M, with a total investment in renovations of $14.2M. Renovations are expected to be completed in Spring 2023. CPP plans to ensure a minimal impact on residents during the renovations.
The restoration of Ellicott Park Townhomes will preserve 220 total family units encompassing 150 Section-8 units across 21 two-story townhouse-style buildings. Unit renovations will include ADA unit conversions, replacements, extensive kitchen and bathroom upgrades, and large building system replacements and upgrades.
Significant exterior upgrades will include window replacements, brick masonry repairs and roof repair. Residents will see numerous improvements made to shared community spaces. Site work will include repaving and restriping of the development’s parking lot, with the addition of a new playground, gazebo, dog park, BBQ grills, bike racks, and an improvement to the paths of travel.
“The renovation of Ellicott Townhomes will significantly extend the use of the property while enhancing the quality of life for its residents,” said John Fraser, Development Director at CPP. “Upstate New York has a strong demand and significant need for subsidized and affordable housing. CPP will transform the property into a safe, desirable and well-maintained property.”
Development partners on the project include Rochester’s Cornerstone Group, PNC and Redstone.
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/708ee183-1a37-47d1-9f0c-c09c100af185
CONTACT: MEDIA CONTACT IDEA HALL Rachel Fuller Rachel@ideahall.com
