Affordable Housing Developer Adds to Portfolio with Multifamily Acquisitions in Key Markets

PORTLAND, OR – Community Development Partners announced the recent closing of affordable, multi-family housing properties Baltimore Gardens and Cleveland Gardens in Las Vegas, NV and Viking Village in Salem, OR.  The properties consisting of 201 units in Las Vegas, NV closed on February 3; and the 87-unit development in Salem, OR closed on February 17.  These properties are the newest additions to the developer’s expanding portfolio of life-enhancing, affordable communities. 

Baltimore and Cleveland Gardens includes two existing HUD-assisted developments in Las Vegas, NV.  The properties, located at 316 West Baltimore Ave and 311 Cleveland Ave, consist of 201 units throughout 21 buildings constructed between 1958 and 1960.  All units receive Section 8 rental assistance for those earning up to 60 percent of the AMI.  

Community Development Partners has teamed with BLVD Capital to renovate the unit interiors and building systems to enhance living conditions and improve energy efficiency and security. Renovations are designed by Integrated Design & Architecture, constructed by Precision, with property management by Cornerstone.  Construction is set to be complete in December 2017. 

Viking Village is an HUD-assisted development located at 3402-3570 Fairhaven Ave NE in Salem, OR. The ten-building property was constructed in 1969 and contains 87 units, 86 of which receive Section 8 rental assistance for those earning up to 60 percent of the AMI. Ten units are set aside for agricultural workers. The rehabilitation will include unit interiors and building systems upgrades.

To develop a deeper sense of community and pride of place, Community Development Partners is constructing a new community building, education center, and community garden. Renovations are designed by Waechter Architecture, constructed by LMC, with property management by Cascade.  Nonprofit partners include AOF/Pacific Affordable Housing Corp and Salem Housing Authority. Construction will commence this month.

Eric Paine, Chief Executive Officer of Community Development Partners, says, “The acquisition of these projects in key markets ideally suits our mission-driven strategy of executing projects where we can provide a profound transformation for the residents and surrounding communities.”