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7/10/24
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CPP (Community Preservation Partners) has acquired Elmore Roberts, a 60-unit multifamily property in Great Falls, MT, with plans renovate the asset and maintain it as an affordable housing project. Located at 6 6th Street S in the heart of downtown Great Falls, the property is comprised of 30 one-bedroom units and 30 two-bedroom units.
CPP’s total development investment is approximately $13.2 mil, which includes the purchase price of $3.15 mil and an estimated per unit renovation cost of $97k. This is CPP's third project in Great Falls, following its acquisition of Sunshine Village and Broadview Manor in 2023.
Elmore Roberts was originally built in 1917 by William Roberts, who played a prominent role in the development of downtown Great Falls in the late 1800s and early 1900s. At the time of its construction, the Elmore Roberts building represented one of the city's most modern and elegant commercial and residential facilities, and included amenities such as gas and electricity, steam heating, porter and maid service, and private telephone hookups. The property, which was converted into an apartment community in 2007, is included in the National Registry of Historic Places Inventory under the National Parks Service.
“Data shows that over 40% of households in the Great Falls region are rent overburdened, and the local housing authority maintains a waitlist of more than 200 households looking for affordable options,” said Karen Buckland, Vice President, Development at CPP.
The total site renovation will address years of deferred maintenance and outdated systems, including ADA accessibility, and focus on increasing sustainability across the property. In-unit kitchen renovations will include new formaldehyde-free cabinets and countertops, Energy Star refrigerators, and updated ranges and range hoods.
Units will also receive low-flow toilets, updated showerheads and faucets, LED lighting upgrades and a new coat of low-VOC paint. Following completion, the project will meet the Green Building and Energy Conservation Standards of the Montana Board of Housing.
Exterior and community upgrades include new windows, roofing and gas furnaces. Path of travel upgrades, parking lot restripe, brick pointing, and pressure washing will also be completed. The property will receive upgrades to its laundry room and the creation of a community area with a computer room.
Non-profit partner NeighborWorks Great Falls will provide services to individuals and families who reside at Elmore Roberts. Services include rental and financial capabilities counseling, providing connections to local financial resources, and homeownership counseling.
The property’s two ModRehab contracts were set to expire in 2024, but with CPP’s involvement, a new 20-year HAP contract will be put in place. In addition, the units will be restricted at 50% of area median income (AMI) for a period of 50 years under the LIHTC program.
Renovations are expected to be completed in December 2024. Partners on the project include WNC & Associates, who purchased 9% tax credits and historic federal tax credits; Glacier Bank provided construction financing; MBOH provided a permanent loan via the Coal Trust Multifamily Homes program; Montana Healthcare Foundation provided a permanent loan (2nd position); the City of Great Falls provided TIF funds.
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