Community Preservation Partners (CPP) announced the acquisition of Chandler Ridge Apartments, a 228-unit mixed-income community in Raleigh, NC for $26 million. Purchased with four percent LIHTC equity, the deal preserves affordability for those earning 60 percent area median income or lower for an additional 30 years, while also extending affordability to 37 formerly market-rate units.
Chandler Ridge Apartments consists of 19 three-story garden-style buildings with 16 one-bedroom, 152 two-bedroom and 60 three-bedroom units. CPP is investing $60,000 per unit in construction renovations, including the modernization of building systems, secured access, new roofing and an upgrade to the exterior façade.
“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,” said Seth Gellis, senior vice president of CPP East. “By acquiring Chandler Ridge Apartments, we are able to preserve and extend the extremely scarce resource of affordable housing for more than 700 residents, while providing a meaningful renovation that will bring a new sense of pride to the community.”
