Community Preservation Partners, a national affordable housing preservation company, has purchased two affordable apartment complexes in Las Vegas and has committed to modern renovations in every unit over the next few months.
CPP Housing recently purchased the North Star Apartments and the San Miguel Apartments, along with properties in five other cities across New Mexico. CPP serves as the fee developer for J.L. Gray Company, who will own and operate the properties.
The new owners plan to complete a $32,000 renovation in every unit that includes energy efficient improvements such as new windows, interior/exterior lighting and fully upgraded kitchens and appliances. Exterior improvements include new roofs, metal staircases and paint, and accessibility will be addressed throughout the properties. Construction is expected to complete in August 2022.
The complexes in Las Vegas are both currently fully occupied. However, to be placed on a waiting list, call 505-425-5060. There are currently 56 people on the waiting list for the North Star Apartments and 23 on the waiting list for the San Miguel Apartments.
Eligibility is based on income. Only individuals who make 60 percent of the average median income or less may apply. In San Miguel County, the AMI for a family of four is $54,600, meaning a family would have to make $32,760 or less to qualify.