$85 Million Apartment Rehabilitation Project in Lancaster

As stated in an article in the Antelope Valley Times, August 28, 2020, the Village Pointe Apartments, a 210-unit multifamily complex in Lancaster, will receive a complete renovation from Community Preservation Partners (CPP), the company announced. 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 rec, computer and laundry rooms; new entry gate and fencing for the community rose garden and new light fixtures and handrails, stucco repairs and fresh paint on building exterior. In addition to these upgrades, the property is designed to achieve Enterprise Green Communities certification for climate-resilient, zero-emission healthy affordable housing, which will include the installation of an all-new, environmentally friendly wastewater system. Construction has already begun on the property and is expected to finish in early 2021. Financial partners on this project include Citibank and Affordable Housing Access.

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