Community Preservation Partners Buys Richmond Affordable Community

By Alex Ciorogar

Midlothian Village Apartments

Community Preservation Partners has acquired Midlothian Village Apartments, a 216-unit affordable community in Richmond, Va., for $17.5 million. A partnership between Tryko Partners LLC and Hampstead Cos. sold the six-building, nine-acre community.

Located at 4000 Midlothian Turnpike, the property provides easy access to East Belt Boulevard and Hull Street Road.

Common area amenities include a volleyball court, a playground, three laundry facilities, 200 parking spaces and Wi-Fi. The community was constructed in 1971 and remodeled in 2002. The new owner is planning to rebrand the property as The Belt Atlantic. The asset will also be subject to a $9.7 million renovation plan, which will include:

• updated kitchens and bathrooms
• new windows
• entry doors and flooring
• energy-efficient HVAC
• new flooring
• new security cameras
• access systems
• perimeter fencing and gates
• parking lot upgrades
• new landscaping
• revamped playground
• upgraded basketball court
• improved seating areas
• roofing
• façade enhancements

“This is a new era for our company and we are excited to bring our brand of affordable housing solutions to the entire nation,” said Anand Kannan, president of CPP, in a prepared statement. “Communities across America are at crisis levels, as low-income families and seniors struggle to keep up with soaring market-rate rents. We leverage public incentives and private-sector investments to enhance aging properties and deliver long-term affordability that keeps people in their homes and enriches their lives. Now, we will be doing that on a national scale.”

Image courtesy of Yardi Matrix