GAINESVILLE, Ga., Nov. 02, 2026 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned rehabilitation of Lake Forest Apartments, a 117-unit affordable housing community in Gainesville, Georgia.
Built in 1980, Lake Forest Apartments spans 15 predominantly two-story apartment buildings and a one-story common area building at 1360 Otila Drive in southwestern Gainesville. The community offers a mix of 45 one-bedroom, 36 two-bedroom, 24 three-bedroom and 12 four-bedroom floor plans, and as of Spring 2026 was 100% occupied, a reflection of the steady demand for affordable housing in the area.
Comparable LIHTC-restricted properties nearby average occupancy above 96%, underscoring the tight supply of affordable units in Gainesville. Lake Forest Apartment’s restricted rents remain well below what similar apartments command on the open market, as much as 81% lower for one-bedroom units and more than 35% lower for larger floor plans, making the community an increasingly rare source of affordability in a fast-growing submarket.
“In a market where new construction keeps pushing rents higher, Lake Forest Apartments is one of the few places in Gainesville holding the line,” said Seth Gellis, President, CPP. “This rehabilitation lets us keep it that way, investing in the property now so it remains a place families can actually afford for years to come.”
All 117 units currently operate under a Project-Based Section 8 Housing Assistance Payments (HAP) contract, with tenants paying 30% of their income toward rent. Following rehabilitation, the property will be rent- and income-restricted at 60% of area median income (AMI) and will continue to operate with a HAP contract for all units, allowing residents to continue paying only 30% of their income toward rent.
Lake Forest Apartments puts residents within two miles of the essentials that make daily life easier, including Aldi, Publix, Walmart, Target and other shopping and dining options along Highway 53. Its proximity to Northeast Georgia Medical Center, the Gainesville City School District and Hall Area Transit’s public bus service also brings healthcare, education and transportation resources close to home for residents.
Inside units, the renovation will bring new countertops, new kitchen appliances, toilets and bathroom vanities, fresh paint throughout, and more. Three- and four-bedroom units will also gain in-unit laundry, while the remaining units will continue to offer free central laundry.
On the exterior and throughout the property, planned work includes new roofing, new windows, new HVAC systems and water heaters, and new interior and exterior doors. Residents will also benefit from new and upgraded amenities, including a dog park and exercise area.
The rehabilitation is being financed with Low Income Housing Tax Credits (LIHTCs) and carries a total hard construction cost of approximately $7.5 million, or roughly $65,000 per unit. Construction is expected to be completed by October 2027.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by their parent company, WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed, and rehabilitated more than 17,500 affordable multifamily and senior housing units nationwide. From the very beginning, they’ve done things differently. As more than a consultant or an investor, CPP is a true partner in every sense. By joining leading nonprofits and strategic partners, they can provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities. Creativity, Performance, and Purpose are their core values and embody everything they do. Together they define A Different Way to Home for their excellent employees, partners, and communities. To learn more, visit: https://www.cpp-housing.com/
MEDIA CONTACT
IDEA HALL
Andy Vernier
Andy@ideahall.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d2e9382-bb10-46e1-b71c-e2acd9394c89
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