Community Preservation Partners (CPP), in collaboration with The Hampstead Cos. Acquired his first property in Montana – Ponderosa Acres Apartments in Billings – as part of a $ 26.3 million rehabilitation project.
The apartment building, built in 1972 and last renovated in the late 1990s, was purchased for $ 12.5 million. The property is undergoing major renovations by the new owners at a cost of USD 6.5 million and additional soft costs of approximately USD 7.3 million. Construction work is scheduled to begin in May and be completed by the end of the year.
The property’s affordable housing protection expired in less than three years. According to the terms of the contract, the community will remain affordable for the next 46 years before switching to market prices.
“With the COVID-19 pandemic causing financial hardship across the country, families need quality, affordable housing more than ever,” said Karen Buckland, vice president of the CPP. “We are extremely excited to be able to expand the availability of safe, affordable housing across the country in these difficult times.”
CPP parent company WNC and Red Stone are providing additional funding for the rehabilitation project. The non-profit foundation for affordable housing will act as managing general partner with Tamarack Properties as management agent and MFRG-ICON as general contractor.
“No matter where you live, in urban or rural America, the COVID-19 outbreak is causing a financial crisis for many, many families,” said CPP President Anand Kannan. “The current economic hardship underscores the importance of our affordable housing efforts to serve vulnerable communities in Montana and across the country. We thank The Hampstead Cos. And our other partners for their participation in this project. “