Community Preservation Partners (CPP) has embarked on its biggest affordable housing rehabilitation project to date.
The 700-unit El Rancho Verde in San Jose will receive a comprehensive makeover through a joint venture with CPP and L+M Development Partners and with financial support from Wells Fargo and Citigroup. The massive overhaul of the multi-family community will bring much-needed improvements to the units as well as the property’s expansive common areas. More than $40 million in renovations are planned in the vast community, which is comprised of 49 two-story residential buildings originally constructed between 1969-1971.
Amenities include on-site management, five playgrounds, two swimming pools, a computer center, two fitness centers, community rooms and 11 laundry facilities.
The rehabilitation will be done with residents in place and will include an upgrade of the HVAC/AC and enhancements to the electrical systems. Solar thermal with CALSolar will be installed to offset gas water heating. In addition to the major building systems, interior upgrades will include electrical outlets, lighting, full kitchen renovations, bathroom cabinetry and fixtures, flooring and window treatments. Exterior upgrades will include new landscaping (including community gardens, running trails, outdoor exercise equipment and barbecue areas), reclaimed water system, repairs to the parking lot, exterior stucco and trim repainting as well as replacing all windows.
CPP also plans to enhance services at the community including after-school programs, tutoring, health and wellness, and on-site day care.
The deal marks CPP’s third affordable housing rehabilitation in San Jose, which is one of the most rapidly increasing rental markets in the U.S., and the company’s seventh in the San Francisco Bay Area. Real estate values have skyrocketed in the region over recent years, and too many working-class residents and their families have been forced to leave their homes as a result.
The rehabilitation of El Rancho Verde will not just improve the living conditions of more than 1,000 locals, but it also will maintain the rents below a market rate level and keep these families together for the long term. Read more about the lack of affordability in the region and our efforts to preserve the homes of its most vulnerable residents.