NEWPORT NEWS, VA. — Community Preservation Partners (CPP) has purchased City Line Apartments for $30.1 million. City Line Apartments is a 200-unit affordable community in Newport News, which is 20 miles northwest of Norfolk, Virginia.
CPP plans to invest $11 million in renovations to the property, including a new roof and the addition of a computer room, library, playground, fitness center, BBQ area and community garden. Units will receive updated appliances, vinyl plank flooring and HVAC units. Construction is expected to be completed by the end of 2023. Paragon Construction is the General Contractor, with Ebersoldt + Associates serving as the architect.
Rent requirements for the property were not disclosed. However, City Line Apartments is part of the federal Low-Income Housing Tax Credit program. The project’s Land Use Restrictive Agreement will be in place for 30 years. The Housing Assistance Payments contract was set to expire in 2025, but the project is set to earn a new 20-year contract alongside the renovation.