Community Preservation Partners (CPP) is set to revamp 241 rundown units in Albuquerque, New Mexico. The group has acquired adjacent properties, Mountain View II and III, with a total development investment of approximately $65.7 million. This includes the purchase price of $22.28 million and an estimated per-unit renovation cost of $95,078.
According to CPP’s Karen Buckland, the need for renovations at Mountain View Apartments is urgent due to years of deferred maintenance and a recent fire that rendered 24 units uninhabitable.
Thanks to CPP’s involvement in the project, the properties’ HUD subsidy will be extended until 2054 ensuring that these homes remain affordable for residents earning up to 60% of AMI without fear of displacement.
Renovations are expected to be completed by December 2024 with support from partners such as New Mexico Mortgage Finance Authority and Keybank providing construction financing through Freddie Mac TEL program while R4 will provide equity financing.
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