The 210-unit Village Pointe Apartments in Lancaster, Calif., is the latest multifamily complex to receive a complete renovation from Community Preservation Partners.
First built in 1983, the property was recently purchased by CPP from a California limited partnership for $54.35 million, with an additional $31 million earmarked for renovations and soft costs. The deal will extend affordable housing protection for the complex until 2056.
Major improvements during the rehabilitation will include:
New cabinets, countertops and flooring for individual units
New plumbing fixtures and bathroom accessories
New Energy Star® appliances
New roofing
New security system
Improved recreation, computer and laundry rooms
New entry gate and fencing for the community rose garden
New light fixtures and handrails, stucco repairs and fresh paint on building exterior
In addition to these u
