Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has announced the planned renovation of Woodside Terrace, an affordable housing community just three miles from of downtown Beloit, Wisconsin.
The development was built in 1972 and consists of three, two-story wood frame buildings on three contiguous parcels. The development includes 90 one-bedroom units averaging 540 square feet, and 30 two-bedroom units averaging 835 square feet. All but four of the units are Section 8.
The property is CPP’s first investment in Wisconsin and the community’s renovations are estimated at $72,912.03 per unit. CPP’s total investment is approximately $27.4 million, which includes a purchase price of $8 million.
CPP will complete significant interior and exterior unit renovations during construction, including interior ADA unit conversions, door replacements, kitchen and bathroom upgrades, and Energy Star rated appliances. Community upgrades will feature a new playground, gazebo, dog park, BBQ grills, and bike racks.
“This project will provide comprehensive renovations and upgrades to the property,” said Scott Fink, development manager for CPP. “CPP will modernize many of the community’s systems, increasing accessibility, adding new resident amenities, and preserving the affordability and physical life span of the community.”
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