Investment will preserve all 64 homes as affordable and support emerging affordable housing developer
Charlotte, NC, (May 13, 2024) — The Community Preservation Corporation (CPC), a nonprofit and mission-driven multifamily finance company, today announced that it closed a $4.8 million equity investment for the acquisition of Cambridge Park Townhomes, a 64-unit affordable townhome community in the west side of Charlotte, North Carolina. CPC, along with partners J&S Realty LLC and Sandee Road Ventures plan to preserve the affordability of these units and lease them to Section 8 tenant-based voucher holders.Carolinas-based non-profit Southeast Affordable Housing Administration facilitated a property tax abatement in exchange for restricting rents for all units to be affordable to households earning 80 percent of the area median income (AMI) and below.
“Making targeted investments in the preservation and revitalization of affordable housing is essential to addressing a national housing crisis that affects communities large and small. Our investment and partnership will lock in affordability and ensure these residents have safe and healthy homes that they can now afford well into the future,” said Tell Metzger, Senior Vice President, Equity Investments, The Community Preservation Corporation. “We are thankful for our growing partnership with J&S Realty and Sandee Road Ventures and our ability to deliver investments that help make Charlotte more affordable and equitable.”
“Sandee Road Ventures and J&S Realty are thrilled to announce their latest acquisition, marking a strategic entry into the growing West Charlotte market,” said Trevor Melito, Co-Founder and Managing Partner, Sandee Road Ventures. “In the face of rapid expansion in this direction, our commitment to preserving affordability is paramount, ensuring lasting value for the community. This acquisition, the second collaboration between CPC, J&S, and SRV, underscores our shared dedication to impactful investments that contribute to the growth and prosperity of Charlotte’s workforce families.”
CPC is joining J&S Realty LLC and Sandee Road Ventures as an equity partner in Cambridge Park Townhomes. Originally constructed in 1970, Cambridge Park Townhomes encompasses 13 buildings across 3.92-acres. The property features 8 two-, 28 three- and 28 four-bedroom two-story townhomes averaging 1,500 square feet per unit, as well as 75 parking stalls.
In addition to preserving long-term affordability, the partners plan to modernize the property and address deferred maintenance. This investment supports CPC’s mission to preserve and create affordable housing, and to continue to build capacity in the affordable housing industry by investing in emerging developers.
Last year, CPC provided a $2.4 million equity investment alongside J&S Realty, and Sandee Road Ventures for the acquisition and preservation of the Rosecroft apartments, a 65,000-square-foot, 60-unitworkforce-housing community on Charlotte’s east side.
Currently celebrating its 50th anniversary, CPC enters 2024 on the heels of several significant milestones. In early April, Climate United, a coalition of three nonprofit organizations including CPC, was the recipient of a $7 billion award from the EPA’s National Clean Investment Fund. CPC leads the coalition’s multifamily market strategy through the deployment of targeted investments to decarbonize multifamily housing nationwide. In December, as managing member of Community Stabilization Partners the company was chosen by the FDIC to service and asset manage $5.8 billion in loans, encompassing more than 860 permanent loans and nearly 35,000 units of rent stabilized multifamily housing from the former Signature Bank portfolio. CPC also recently received a $15 million donation from “Yield Giving,” a fund led by MacKenzie Scott that delivers support to nonprofits around the world. This gift will allow CPC to further its nonprofit mission of financing affordable and workforce housing and will help to expand the impact of its programs and initiatives.
About The Community Preservation Corporation (CPC)
CPC is a nonprofit, multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14.8 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,200 affordable units under ownership. CPC is a carbon-neutral company and maintains AA- S&P rating. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
About J&S Realty
Found In 2020, J&S Realty LLC Is a private real estate Investment firm focused on acquiring and reposition multi-family assets In the Southeast United States. J&S Identifies opportunities in expanding multi-family markets with strong fundamentals. J&S currently owns and operates 362 units across 10 assets, valued at ~$45mm. The team has developed expertise to negotiated deals, manage major capital upgrades, optimize rents, Improved management and maximize returns from selected Investments. Our founders and general partners are proficient In market analysis, debt & capital structuring, underwriting, property management and real estate accounting.
About Sandee Road Ventures
Sandee Road Ventures Is a real estate Investment firm with a focus on workforce and affordable housing. Through these avenues, we aim to make positive Impacts on our cities, Including community empowerment, sustainability & Impact Investing. Through strategic partnerships with developers, operators, property managers, and other syndicators, we can turn ambitious objectives Into tangible results.