Community Preservation Partners has grown its affordable housing footprint in Montana to three properties following its entrance into the market two years ago. CPP partnered with The Hampstead Cos. to acquire Sunshine Village and Broadview Manor in Great Falls, Mont. The partnership purchased the communities for nearly $10.8 million. The identity of the seller could not immediately be established.
The 72-unit Sunshine Village was built in 1979 as a senior housing community with one- and two-bedroom units. Amenities include a community room, library and outdoor lawn, but its new owners plan to replace one of the building’s elevator cabs, upgrade the community space and expand the management office. The community will also undergo necessary improvements to bring it into compliance with the Americans With Disabilities Act.
Also built in 1979, Broadview Manor has its 20 three- and four-bedroom units split between two buildings. Residents have access to onsite laundry facilities and an uncovered open parking area. CPP plans to install new stairs for the community.
Beyond each community’s specific renovations, CPP and Hampstead will be spending an estimated $72,850 for interior renovations to the units. These will include installing new vinyl plank flooring, cabinets and counters. The units will also be outfitted with new Energy Star-rated appliances, LED lighting fixtures, new paint and low-flow plumbing fixtures as part of its sustainability upgrades. Both communities will have free Wi-Fi and provide residents with an on-demand library of classes that are available through the Rainbow Housing Assistance Corporation.
The U.S. Department of Housing and Urban Development subsidies for both Sunshine Village and Broadview Manor were set to expire, but CPP and Hampstead will now be able to keep the communities affordable until 2074. The Montana Board of Housing also provided tax exempt bonds and tax credits for the projects. The communities also landed equity from WNC and debt from Glacier Bank.
Investing in affordable housing
CPP first entered the Montana market through a prior partnership with Hampstead, acquiring Ponderosa Acres Apartments in Billings, Mont. The duo purchased the Billings community for $12.5 million, with plans to invest $13.8 in significant renovations.
The company has been investing in affordable housing across the U.S. and expanding into new markets. In November 2021, CCP entered the North Carolina market by acquiring the 228-unit Chandler Ridge Apartments in Raleigh, N.C. In May, the company acquired the 136-unit Allegheny Commons in Pittsburgh, with plans to invest $11.3 million in renovating the community.
