National affordable housing developer Community Preservation Partners (CPP) announced its first rehabilitation project in New Jersey, a $123 million overhaul of the Norman Towers senior apartments in a joint venture with L+M Development Partners.
CPP and L+M purchased the property for $94 million and will invest more than $29 million in improvements. Affordable housing mandates for the community were set to expire in 10 years but will now be extended for 30 years as part of the purchase agreement.
Located on Walnut Street in East Orange, the 406-unit Norman Towers affordable housing community was built in 1980 and has not received any major renovations since the original construction. That’s about to change, with CPP bringing a suite of much-needed upgrades to the towers designed to enrich the lives of residents.
Upgrades planned for individual apartment homes will include energy-efficient appliances and functional upgrades such as new cabinets and countertops
