MONROEVILLE, PA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the plotted renovation of Cambridge Square Apartments, an affordable housing community just 14 miles east of downtown Pittsburgh. The development consists of eight, two-tale residential buildings comprising 204 apartments ranging from one- to three-bedroom layouts. This property is CPP s second investment in Pennsylvania, having bought Allegheny Commons in downtown Pittsburgh earlier this year.
The community will receive extensive renovations, estimated at $18,827,049 (or $92,289 per unit). CPP s total investment is approximately $47.2 million, which includes a buy price of $16,600,000.
Built in 1974, and located at 120 Cambridge Square Drive, the development will gain a new community building and see reconstruction of one building consisting of 28 units lost to a fire earlier in the year. The new community building will include space for resident meetings and gatherings, maintenance storage space, and leasing offices. In addition to new construction and new amenities, the property will receive extensive improvements to address deferred maintenance, including updates to accessibility throughout the property, mechanical system replacements, building envelope upgrades, and energy efficiency enhancements that meet National Green Building Standards. Existing amenities include central laundry rooms throughout the residential buildings, a playground, and 329 surface parking spots.
All units will receive interior upgrades with installation of new kitchen countertops, appliances and flooring, as well as bathroom updates including new vanities, fixtures, tub reglazing and new shower surrounds, as needed. New windows and roofs will be installed throughout the property.
With the development of Cambridge Square Apartments, CPP is expanding its footprint in Pennsylvania and doing our part in the revitalization of the greater Pittsburgh area, said Seth Gellis, President of CPP. In addition to a new community building, this project will also be rebuilding all units lost in a recent fire. We are excited to bring new construction and new amenities to the residents.
This project builds on the work that we are already doing downtown at Allegheny Commons and helps to support the community by preserving much needed affordable housing, said Thomas Gibson, Director of Special Projects for CPP. We are thrilled to be moving forward after over two years of plotting during a very challenging economic environment.
The project received an allocation of low-income housing tax credits in 2007, when it last received renovations. There are 198 units under the Housing Help Payment contract (all units 50% of area median income) and six units that will be reserved for families at 60% or below of area median income. All 204 units will be affordable.
Renovations are expected to be completed in December 2024, with minimal impact to residents. The property will partner with American Healthcare Group in providing supportive services.
Partners on the project include the Pennsylvania Housing Finance Agency (PHFA), who is the bond issuer and awarded 4% low-income housing tax credits; and Key Bank who provided debt financing through the Freddie Mac TEL program.

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ATLANTA, GA – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced the development of The Pullman, a 276-unit Class A multifamily community in the Atlanta suburb of Union City in Fulton County. The company expects to start construction in December and welcome new residents in the spring of 2025.
“The Pullman site is strategically located in a strong demographic pocket where the average household income exceeds $100,000 and the annual population growth has outpaced the national average over the last ten years,” said Josh Purvis, managing partner for Thompson Thrift Residential. “New developments have not kept pace with demand and we believe that The Pullman not only will provide an brilliant living experience for our residents, but it also represents an attractive investment opportunity for our partners.”
Located on 15 acres near the major thoroughfares Highway 92 and S. Fulton Parkway, the gated community will consist of garden style apartment homes with one-, two- and three-bedroom layouts with detached garages. The apartment homes will feature architectural details and deluxe features and finishes for an elevated luxury living experience including stainless-steel appliances, timeless tile backsplashes, kitchen pantry, designer fixtures and finishes, hardwood-style flooring, patio and balcony options, a full-size washer and dryer, as well as a suite of Alexa-compatible smart home technology. The Pullman will also offer Signature Collection apartment homes with upgraded options including premium appliances, a dry bar, deluxe closet system with shelving, walk-in shower with full tile surround and glass doors, smart thermostat and premium lighting.
Community amenities at The Pullman will include a fully equipped 24-hour fitness center, resort-style heated swimming pool, gas firepits with seating area, community grilling areas, pickleball court, 24-hour social hub, private focus suites, dog park and pet spa, billiards, and more.
Residents of The Pullman will delight in a small commute to Atlanta and simple access to major employers in the area, including Amazon, Chick-fil-A headquarters, Coca-Cola, as well as the Camp Creek Business Center/South Fulton Industrial and Hartsfield-Jackson Atlanta International Airport, one of the world’s busiest and most dynamic airports. Additionally, Atlanta Cold Storage, a groundbreaking new, state-of-the-art cold storage facility is directly adjacent to The Pullman. The new development is also less than two miles from a Publix Super Market. The Parkway Village, Shannon Square and Camp Creek Marketplace also offer various retail options for residents to delight in.
Atlanta has experienced brilliant job growth in recent years, adding more than 615,000 jobs in the past decade, an annual average of 2.4%. Similarly, more than 350,000 households have been added to the market during that same timeframe. Atlanta consistently remains at or near the top of many desirable rankings including #1 Metro Area for Economic Growth Potential; #1 Moving Destination in the U.S.; #1 Airport in the World; and #10 Largest Economy. In light of this rapid growth, the Atlanta MSA has experienced a significant shortage of new apartment deliveries, especially in the Southern Crescent, where The Pullman site resides. Atlanta’s Southern Crescent area has received just under 8,300 market rate units, compared to the 92,000 units delivered in Atlanta’s northern region.

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NEW YORK, NY – Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, announced the acquisition of 630 affordable apartments for families and seniors across North Carolina. Located in quick-growing markets including the Raleigh-Durham Research Triangle, Charlotte MSA and the North Carolina Coast, the 12-property portfolio is home to nearly 1,800 residents and is Tredway’s first acquisition in the state.
“We’re pleased to bring affordable housing opportunities to North Carolina while launching Tredway’s new partnership with Affordable Housing Institute and The Federation Companies,” said Will Blodgett, Founder & CEO, Tredway. “The issues North Carolinians are facing, including years-long waits for affordable apartments and the loss of units to market pressures, are emblematic of a larger crisis that touches every community across the country. Together, we can make a tangible difference by preserving and improving existing affordable properties and ensuring residents’ needs are met.”
“Affordable Housing Institute is excited for our partnership with Tredway while we look to continue providing affordable housing across North Carolina and beyond,” said Bryan Hartnett, President, Affordable Housing Institute, Inc. “As we all know, affordable housing is a major issue facing North Carolinians and families everywhere. We look forward to improving the communities we are serving and preserving their affordability for years to come.”
“As a born-and-bred North Carolinian, I’ve witnessed rapid growth as influential corporations have chosen to place down roots in our gorgeous cities,” said AJ Casavant, Managing Principal, The Federation Companies. “Although this exciting boom has brought new opportunities to our state, it’s also ushered in the conversion of critical affordable housing units to market-rate. Economic progress should not come at the expense of working families or result in their displacement.”
As a result of the acquisition, Tredway, its North Carolina-based non-profit partner Affordable Housing Institute, Inc., and The Federation Companies will extend the Section 8 contracts covering all 630 units thereby preserving affordability for at least the next 20 years. The new owners will also undertake immediate work to address critically needed repairs across the portfolio, including energy efficiency and ADA needs.
The properties are located in Clayton, Elizabeth City, Enfield, Fairmont, Franklinton, Fuquay-Varina, Hamlet, Laurinburg, Mebane, Mount Airy, Statesville, and Yanceyville.

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