Community Preservation Partners has entered into an agreement to purchase Plaza Townhomes, an affordable housing community in Portland, Ore.
The firm is a subsidiary of WNC, a national investor in real estate and community development initiatives.
Community Preservation Partners will begin renovations at the community upon acquisition and is expected to complete more than $3 million in upgrades to the property.
The acquisition price was not available.
“Community Preservation Partners is committed to preserving the stock of affordable housing in the U.S., which continues to fall far short of growing demand,” said Anand Kannan, president of Community Preservation Partners, in a statement. “We are thrilled to expand our reach to Portland, with this acquisition as we seek to expand our preservation efforts throughout the nation.”
The company will acquire the property from Home Forward, a housing assistance organization serving Portland and other nearby communities.
Plaza Townhomes includes 68 two- and three-bedroom units, ranging in size from 725 to 825 square feet. The property has a community room with computer access, playground area, and laundry facility. Renovations are expected to include significant enhancements to each unit’s interior, common areas, and maintenance areas. The project will keep intact all social service programs, including homework programs and computer labs.
“This is the best outcome possible for residents, the Plaza, and the community,” said Michael Buonocore, Home Forward’s executive director. “WNC is a highly reputable and responsible affordable housing owner. They will preserve the Plaza’s deep affordability while making significant physical improvements and continuing support programs for residents. At the same time, we will use the sale proceeds to add new affordable housing and address unmet capital needs that threaten the future of our existing affordable housing.”
The community is available to families earning no more than 50% of the area median income and those that meet requirements of the Sec. 8 program. Current residents will not have to move as a result of the ownership change.
Irvine, Calif.-based WNC established Community Preservation Partners in 2004 to promote the preservation of low-income housing and to assist existing owners and/or general partners with recapitalizing and revitalizing their affordable housing portfolios. The subsidiary has acquired, developed, and rehabilitated more than 3,500 units of affordable multifamily housing across the U.S.
Jack Aronson, director of development acquisitions, is leading the acquisition on behalf of the company.