Community Preservation Partners has acquired the Allegheny Commons community in Pittsburgh for approximately $46.4 million. The 136-unit property is CPP’s first project in the area. The buyer expects to invest approximately $11.3 million in renovations.
Located in the city’s North Shore neighborhood at 255 E Ohio St., Allegheny Commons was completed in 1973. According to Yardi Matrix data, the property, previously owned by WNC & Associates, totals 3.13 acres.
Renovations on the community’s 20 apartment buildings are set to commence, with completion anticipated in February 2024. CPP will update the common area, parking lot, flooring and exterior paint at the buildings, while also conducting exterior and accessibility-oriented renovations. Select homes feature a private patio or balcony option.
The rehabilitated community will include new energy-efficient kitchen appliances, kitchen and bathroom updates and LED lights. The project will meet Enterprise Green Communities 2020 standards.
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Following improvements to Allegheny Commons, 5 percent of the homes will meet ADA accessibility requirements. Currently, the property includes 24 tax credit units restricted to 60 percent of the area median income and 112 homes are covered under a project-based Section 8 Housing Assistance Payments Contract. Affordability on the homes will be set to 50 percent AMI and extended for an additional 20 years due to a new HAP contract on the project.
Less than a mile from the community is Pittsburgh’s Central Business District, the Deutschtown Historic District and the Acrisure Stadium. Residents are in close proximity to dining, entertainment and retail options, as well as outdoor green space, a church and an office building.
CPP will partner with American Healthcare Group and work with the Allegheny Center Alliance Church on supportive services, programs and resident opportunities.
Recently, CPP also acquired a 200-unit affordable housing property in Virginia. The company similarly plans to make nearly $11 million in upgrades to the City Line Apartments. The homes will benefit from improved kitchen and bathroom appliances, new flooring and new HVAC units, as well as upgrades to shared spaces.
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