Resident Brings Color and Smiles to Community – One Step at a Time
Residents at Lenzen Square apartments in San Jose may notice a bit of color added to their community lately: a stunning mural that spans the underside of the atrium’s stairway. This work of art was the result of a collaboration between CPP and local artist Sarah Joy Espinoza-Evans – herself a Lenzen Square resident! You […]
Community Preservation Partners and L&M Development Partners Complete Work on 700-Unit Affordable Housing Redevelopment Project in San Jose
In 2018, CPP and their partner, L&M Development Partners, purchased the community, which had not been renovated since 2001, for $370 mil and invested more than $50 mil in improvements, including the installation of wireless security and solar thermal systems throughout the sprawling 49-building campus. As a result of the investment at El Rancho Verde, […]
Torrance Site Sells for $74 Million
A 180-unit multifamily property in Torrance, the Golden West Tower, has sold for $74 million. Located at 3l50 Maricopa St., it was built in 1973 and consists of rent-subsidized units for seniors. The building was fully leased at the time of the sale, according to data from CoStar Group Inc. It was purchased by Community […]
Developers Try New Strategies to Make Affordable Housing Pencil in the Pandemic
While most of the attention in affordable housing remains focused on rent collection and resident stability, Anand Kannan, president of Community Preservation Partners, says COVID-19 has significantly affected how affordable housing deals are financed. “Typically, affordable housing deals are financed through debt and equity through the sale of tax credits,” Kannan says “Both have seen […]
Community Preservation Partners Completes Company’s Largest Affordable Housing Rehabilitation
IRVINE, Calif., March 24, 2020 – Marking the biggest rehabilitation project in its 16-year history, national affordable housing developer Community Preservation Partners (CPP) is pleased to announce the completion of work at the 700-unit El Rancho Verde multifamily community in San Jose, Calif. In 2018, CPP and their partner, L&M Development Partners, purchased the community, […]
$420M Revamp of Huge Bay Area Affordable Housing Complex Completed
Co-developers Community Preservation Parkers and L+M Development Partners have wrapped up their rehabilitation of San Jose’s El Rancho Verde, a 700-unit affordable housing community, CPP said Tuesday.The duo acquired the East San Jose community from Clark Realty Capital for $370M in 2018 and has since invested more than $50M in renovations of the 49-building multifamily […]
Community Preservation Partners Announces $26.3 Million Affordable Housing Rehabilitation in Montana
IRVINE, Calif. (April 28, 2020) – Adding another state to its growing national portfolio, affordable housing leader Community Preservation Partners (CPP) has acquired its first property in Montana – the Ponderosa Acres Apartments located in Billings – in partnership with The Hampstead Companies as part of a rehabilitation project totaling $26.3 million. First built in […]
Community Preservation Partners Completes $24.5M Affordable Housing Rehabilitation in Potsdam, N.Y.
IRVINE, Calif. (June 30, 2020) – Less than a year after acquiring the 137-unit Lawrence Avenue Apartments in Potsdam, N.Y., Community Preservation Partners (CPP) has completed its $24.5M rehabilitation of the property. At the time CPP acquired the community, 20 of the dwellings had been in ruins for months following a fire. True to its […]
Community Preservation Partners completes $420m affordable housing project
Community Preservation Partners has completed its renovation of the 700-unit El Rancho Verde multifamily community in San Jose.In 2018, CPP and its partner, L&M Development Partners, purchased the community, which had not been renovated since 2001, for $370 million and invested more than $50 million in improvements, including the installation of wireless security and solar […]
Community Preservation Partners Undertakes Major Reno in Torrance
“Golden West Tower represents the ideal asset—it’s a community that is directly aligned with our mission and vision,” Karen Buckland, VP at CPP, tells GIobeSt.com. “This asset is an aging senior project that appears to be functioning fine on the surface, but when looked at closer it is tired and needs modernizing and overall reenergizing. […]