Community Preservation Partners Acquires Two Affordable Communities in Great Falls, Montana, for $10.6 Million

by Channing Hamilton

GREAT FALLS, MT. — Community Preservation Partners (CPP), an affordable housing rehabilitation company, has acquired two developments in Great Falls: Sunshine Village and Broadview Manor East & West. CPP, in partnership with The Hampstead Cos., acquired the communities for $10.6 million. The development team plans to conduct $12.8 million in renovations for the two projects. The properties will remain affordable to households earning 50 percent and 60 percent of the area median income until 2074.

Sunshine Village is a 72-unit senior’s community. The three-story building was built in 1979. Sunshine Village offers units in one- and two-bedroom layouts. Amenities include a community room, library and outdoor lawn. Planned renovations include an expansion to the management office, an upgraded community room and the replacement of one of the building’s elevator cabs.

Broadview Manor comprises two properties. Broadview Manor East, located at 720 and 724 42A St., rises three stories and offers 12 rental units. CPP plans to install new stairs at the property. Broadview Manor West, located at 710 and 714 4th Ave. N.W., is a two-story 8-unit project. Both properties were also built in 1979.

All units will be renovated with formaldehyde-free cabinets and counters, vinyl plank flooring and energy efficient appliances and fixtures. All three communities will also receive free Wi-Fi connectivity and an on-demand library of classes through Rainbow Housing Assistance Corp. Sunshine Village will receive necessary ADA compliance upgrades. Renovations are expected to be completed in May 2024.

The Montana Board of Housing awarded tax exempt bonds and 4 percent low-income housing tax credits. WNC is the equity partner. Glacier Bank provided the debt.

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