California-based affordable housing rehabilitation company Community Preservation Partners has closed on a $16.5 million deal to acquire the Plaza Townhomes, a 68-unit affordable housing complex in North Portland.
CPP plans to spend $4 million, or $50,000 per unit, of this purchase cost to install new siding, windows, doors, insulation, plumbing, and HVAC systems in the apartments. Even after the remodel, the units will remain affordable for at least the next 30 years.
“We’re thrilled to expand our portfolio and add Oregon as the sixth state we are providing affordable housing rehabilitation services to in the U.S.,” said Jack Aronson, director of development acquisitions for CPP, in the release. “The rehabilitation to Plaza Townhomes is just the first step in providing much-needed affordable housing to the Pacific Northwest.”