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The ribbon was recently cut on the newly renovated Charleston Square Apartments on W. Pike Street in Troy. 

The Community Action Partnership of North Alabama and partner, The Bennett Group, purchased and renovated a 1999-era apartment complex on W. Pike Street and redeveloped it into an affordable housing complex for families in Troy. 

The renovated complex features 44 apartments and is a $7 million investment for CAPNA and TBG. Since 2015, CAPNA and TBG have rehabilitated more than 10 affordable housing communities for families and seniors. 

Aaron Boldog, CAPNA director of real estate development, said there is a nationwide shortage of affordable housing and developments like Charleston Square Apartments can help families find a safe, comfortable and affordable place to live.

“There’s a huge gap in affordable housing,” Boldog said. “We must preserve developments like this to close that gap.”

Boldog said apartment complexes more than 20 years old can be redeveloped to provide affordable housing instead of being torn down. Those type of developments not only provide affordable housing, Boldog said, those development projects  also provide a boost to local economies. 

Charleston Square Apartments represents a $7 million investment in the local economy and the annual leasing revenue for Charleston Square Apartments will be more than $285,000. Locally, the project created 216 temporary jobs as well as two permanent jobs. The apartment complex has an operating budget of about $160,000. 

“It’s an honor to live here,” resident Janet Prairie said. “I have a nice, comfortable home and I’m really enjoying my renovated place.”