CPDC Completes First Phase of Renovations at Woodmere Trace
Renovations provide opportunities for increased resident engagement and improved customer service
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WASHINGTON, D.C., February 11, 2014 – Community Preservation and Development Corporation (CPDC) today announced the completion of the first phase of renovations at Woodmere Trace, a 300-unit workforce housing community in Norfolk, VA.
Acquired by CPDC in September 2013 through the Housing Partnership Equity Trust REIT, Woodmere Trace will undergo renovations to 100 percent of the units that require upgrades (approximately 95 percent of units within the property). Planned renovations include: new kitchens and bathrooms, roof and HVAC replacement (where needed), improvements to balconies and exterior stairwells, and addressing landscaping issues throughout the site.
To date, 21 units have been renovated and re-occupied, 16 are under construction, and the remaining will be completed in stages through the end of 2014. In addition, HVAC systems and roofs have been replaced and significant work has been performed on the grounds, contributing to the property’s curb appeal.
“The property looks really nice,” commented Frank Spicer, a two-year resident of Woodmere Trace and retired Navy officer. “When this place is finished, it will be first class.”
CPDC held several stakeholder meetings with Woodmere Trace residents, property managers, and neighborhood groups before renovations began. The resident town hall—an informative, yet fun-filled event designed to engage residents, present detailed renovation plans, and determine community needs—represented the first of its kind for many community members.
“The resident town hall event was amazing,” said Melissa Conklin, a 23-year-old automobile leasing coordinator and five-month resident of Woodmere Trace. “It’s the first apartment complex that I’ve lived in that hosts events of its kind. I was very impressed that it brought so many folks together.”
Adding to the appeal of this partially renovated community is the positive resident experience fostered through CPDC’s partnership with property manager S.L. Nusbaum.
“Our dedicated team of professionals are committed to delivering the highest quality of service and continue to enjoy a great working relationship with CPDC and the wonderful residents of Woodmere Trace,” said William Halprin, Senior Vice President and Director of Operations, Multi-family Housing. “Our goal is to have the residents consider Woodmere Trace a choice community.”
“The property management staff have positive attitudes and are a joy to work with,” said Conklin. “Even with renovations underway, they have remained extremely pleasant and residents really appreciate them.”
While the acquisition of Woodmere Trace serves as CPDC’s entree into the Hampton Roads market and furthers progress on its strategic plan, the organization is continuing to seek opportunities to expand geographically into the other cities of Hampton Roads, Richmond, VA, and Baltimore, MD.
“We are starting to carve out a space in the Hampton Roads market and have already identified other opportunities in Norfolk that we would like to pursue this year,” said J. Michael Pitchford, CPDC President and CEO. “CPDC is serious about its commitment to these markets and we are ready to do business.”
“CPDC and other nonprofit members of the Equity Trust are already best-in-class owners, developers, and managers of quality affordable housing,” said Drew Ades, President and CEO of the Housing Partnership Equity Trust. “Our REIT allows them to compete much more effectively for naturally affordable properties in the communities they serve. We are thrilled to work with CPDC; their entrance into the Hampton Roads area further proves the concept that mission-driven nonprofits are well-positioned to develop and deploy innovative tools for acquiring and preserving affordable housing.”
A premier developer of affordable housing in Washington, D.C., Maryland and Virginia, Community Preservation and Development Corporation (CPDC) works to develop vibrant communities through innovation and partnership. The organization currently owns over 4,500 dedicated affordable apartments within more than 25 communities, with resident engagement programs at many of its properties serving more than 9,000 residents. More about the company is available at www.cpdc.org.