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 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. […]

Affordable developer teams up to buy Torrance senior housing complex

Affordable housing developer Community Preservation Parkers and an investment firm acquired a 18o-unit senior housing apartment complex in Torrance. The joint venture will pour millions into renovations, and long-term plans will include converting the subsidized development to market-rate. Community Preservation Partners and Jonathan Rose Companies paid $74 million for the Golden West Tower Apartments, and […]

Presbyterian SeniorCare Network to launch extensive renovations at five sites

Several of the region’s most robust senior living communities will be getting a facelift, thanks to a partnership between Presbyterian SeniorCare Network and Community Preservation Partners (CPP). The $52.5 million rehabilitation will revitalize homes at five SeniorCare sites, including the Bellmead Apartments and Heritage House of Houston in Washington County, Park Manor and Sunbury Fields […]

Community Preservation Partners Hits $2B in Investments

Community Preservation Partners has invested $2 billion in affordable housing communities. The significant milestone comes after two years of rapid expansion in which the company built a portfolio of 8,000 low-income housing units. As an example of the growth, the company invested its first billion over 13 years, since its founding in 2004, and invested […]

JV Begins Renovations at 180-Unit Senior Housing Complex in LA County

In a $103 million joint venture project, Community Preservation Partners (CPP) and Jonathan Rose Companies acquired a senior housing complex in Los Angeles County and will begin renovations this week. The JV on February 6 acquired the 180-unit Golden West Tower Apartments in Torrance for $73.25 million. The complex at 3510 Maricopa Street, near the […]