West Covina apartments bought for $52 million will remain affordable

An Irvine-based company has acquired a 158-unit affordable housing complex in West Covina with plans to renovate the property and keep all units below market rent for the  next 55 years.Community Preservation Partners (CPP) bought Cameron Park Apartments at 929 W. Cameron Ave. from Steadfast Cos. for $52 million, which includes $10 million for upgrades. […]

How Lenders Are Supporting Affordable Housing Construction

Demand for affordable housing is growing across the country, including in emerging markets like Denver. However, capital is catching on to the need for affordable housing, both on new development projects and LlHTC-backed rehab projects. This capital has been an important aspect of bringing more affordable housing to markets suffering from a housing shortage. “Investors […]

Cornerstone and California firm join forces to re-create affordable community

When Cedarwood Towers went on sale last year, Roger Brandt saw an opportunity for Rochester’s Cornerstone Group Ltd. Lo again make an impact on lives in Rochester.He was well aware that the twin-tower apartment community had, over 45 years, gone from community beacon to neighborhood eyesore.“It was a disaster,” said Mary Coffey, co— chair of […]

Community Preservation Partners acquires 158-unit Southern California property for $52m

Community Preservation Partners (CPP) has purchased the Cameron Park Apartments in West Covina, Calif., for $52 million. The acquisition deal includes nearly $10 million in renovations, plus measures to keep all 158 units at below-market levels for the next 55 years. Cameron Park Apartments was built in 1970 and received a light renovation in 2002. […]

Denver Battles Housing affordability

The housing affordability crisis plaguing the nation has hit Denver. The metro is suffering from a loss of affordable and workforce housing and rising rents and new development are pushing vulnerable residents, like teachers and fire fighters, out of their homes. However, there are projects seeking to preserve affordable housing. Community Preservation Partners has acquired […]

Community Preservation Partners Has Acquired CO Affordable Housing Property with Plans for Extensive Renovation Work

Community Preservation Partners (CPP) has acquired and recapitalized Casa Del Sol, a 47-year- old, 154-unit affordable housing community in Pueblo, CA.  The $22.6 mil project marks the developer’s entry into Colorado — its ninth state. CPP also maintains rehabilitated and recapitalized homes in California, Utah, Oregon, New York, Virginia, Nevada, Indiana and New Mexico.CPP plans […]

CPP Rehab Project Named Finalist for National Affordable Housing Accolade

Community Preservation Partners (CPP) has been recognized as a finalist in Affordable Housing Finance’s 2019 Readers’ Choice Awards. The magazine recently announced that The Belt Atlantic, a 216-home multifamily community in Richmond, Va., is one of four finalists in the Preservation category. CPP is extremely proud to be considered for this accolade according to CPP […]

Rehab Complete on 90-Year-Old LA Units

Community Preservation Partners has revitalized The Curtis Johnson Apartments, a 48-unit property for low-income families in the Vermont Harbor neighborhood of Los Angeles. Out of the total $11.9 million rehabilitation, the company spent $4.5 million to purchase the asset from a private developer and $4.3 million on construction costs.(Earlier this month, Community Preservation Partners completed […]

Rehab Complete on Affordable Sacramento-Area Property

Community Preservation Partners has completed the renovation of Danbury Park Apartments in Antelope, Calif. The affordable housing community encompasses 140 units, out of which 14 have been remodeled and brought to Americans with Disabilities Act standards. The total $35.6 million rehabilitation includes an $18.5 million purchase and roughly $5 million in construction.Located at 7840 Walerga […]