Cambridge Square Apartments in Monroeville, Pennsylvania, is set to undergo a comprehensive $18.8 million renovation, according to CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer. The development, located just 14 miles east of downtown Pittsburgh, comprises eight two-story residential buildings with a total of 204 apartments ranging from one to three bedrooms.
The renovation project is part of CPP’s commitment to revitalizing the greater Pittsburgh area and expands its presence in Pennsylvania following the acquisition of Allegheny Commons in downtown Pittsburgh earlier this year. With an investment of approximately $47.2 million, including the purchase price of $16.6 million, CPP aims to enhance the community and provide new amenities for its residents.
The planned renovations include the construction of a new community building that will serve as a space for resident meetings and gatherings, maintenance storage, and leasing offices. Additionally, one building that was damaged by a fire earlier this year, resulting in the loss of 28 units, will be reconstructed. The entire property will also undergo extensive improvements to address deferred maintenance, such as accessibility updates, mechanical system replacements, building envelope upgrades, and energy efficiency enhancements.
Furthermore, all units will receive interior upgrades, including new kitchen countertops, appliances, and flooring, as well as bathroom updates with new vanities, fixtures, tub reglazing, and shower surrounds as needed. New windows and roofs will also be installed throughout the property.
Seth Gellis, President of CPP, expressed excitement about the project, stating that it not only involves the construction of a new community building but also includes rebuilding all units lost in the recent fire. Thomas Gibson, Director of Special Projects for CPP, emphasized the project’s importance in preserving much-needed affordable housing in the community and supporting ongoing downtown initiatives.
The project was previously allocated low-income housing tax credits in 2007 during its last renovation. Of the 204 units, 198 are under the Housing Assistance Payment contract, ensuring affordability for residents with an income that is 50% of the area median. Additionally, six units will be reserved for families with an income at or below 60% of the area median.
The renovations are expected to be completed by December 2024 without significant disruption to residents. To provide additional support, the property will partner with American Healthcare Group in offering supportive services.
Key partners involved in the project include the Pennsylvania Housing Finance Agency (PHFA), which serves as the bond issuer and awarded 4% low-income housing tax credits, and Key Bank, which provided debt financing through the Freddie Mac TEL program.
Community Preservation Partners, established by parent company WNC & Associates, is a national investor in affordable housing and community renewal initiatives. With a focus on creativity, performance, and purpose, CPP has successfully acquired, developed, and rehabilitated over 11,000 affordable multifamily and senior housing units across the United States.
In conclusion, the planned renovation of Cambridge Square Apartments reflects CPP’s commitment to affordable housing preservation and the revitalization of the Pittsburgh area. With extensive upgrades and new amenities, the development aims to provide a higher quality of living for its residents while preserving its affordability.
