Community Preservation Partners

A veteran team of developers is rescuing a troubled housing development in Richmond, Va.

Community Preservation Partners (CPP) and The Hampstead Cos. are nearing the completion of a major rehabilitation of the Midlothian Village Apartments, a severely distressed property with a high crime rate.

In just over a year since purchasing The Belt Atlantic, Community Preservation Partners and The Hampstead Cos. have installed new security cameras, access systems, lights, perimeter fencing, and gates to help residents feel safer. The apartments have received new doors and drywall, updated kitchens and bathrooms, new windows, and a suite of new appliances.
Courtesy Community Preservation Partners In just over a year since purchasing The Belt Atlantic, Community Preservation Partners and The Hampstead Cos. have installed new security cameras, access systems, lights, perimeter fencing, and gates to help residents feel safer. The apartments have received new doors and drywall, updated kitchens and bathrooms, new windows, and a suite of new appliances.

Investors would not commit to financing a rehabilitation without making upgrades to the security and improving the safety of the residents, according to developers. To address these issues, the team installed a significant security infrastructure, including cameras, lights, fencing/gating, controlled access, license plate readers, deterrent landscaping, and opening lines of sight. This early move has worked to dramatically reduce crime at the community, which has been renamed The Belt Atlantic.

“The residents are happy to call The Belt Atlantic home again, and they know someone is listening to them and making them a priority,” says Anand Kannan, CPP president.

The team is renovating the apartments with new kitchens, bathrooms, windows, flooring, and energy-efficient HVAC systems. Additionally, a new community room and outdoor amenities will be added. Work is expected to be completed in August.

The affordability at the 213-unit property has been extended by 40 years. Half of the homes are restricted to residents earning no more than 50% of the area median income (AMI), and the other half are restricted to those earning 60% of the AMI.

The developers knew they were in for a major rehabilitation but quickly discovered that more work was required than initially expected. They doubled down on the property, investing another $2.1 million into the project and building trust with residents.

In addition, CPP is providing high-speed Internet to all the apartments at no charge to the residents, a community computer lab, and after-school programming. “We believe giving residents access to high-speed Internet, on-demand educational programming, and digital work-advancement opportunities, along with the resources in the clubhouse, will open many doors for the residents. Seeing and hearing about our residents succeeding from these programs are what fuels us,” says Seth Gellis, CPP vice president.

Financing for the $39.5 million project includes low-income housing tax credits.