IRVINE, Calif. (July 24, 2019) – Adding 256 units to its development and partnership portfolio, Community Preservation Partners (CPP) is pleased to announce the $10 million purchase of five communities in Imperial County, California.
In August, CPP facilitate the rehabilitation project in partnership with Bettencourt Properties, Inc and White Cap Coastal, Inc, including $17 million in construction and soft costs, to be completed by December 2020. Its parent company, WNC & Associates, serves as the equity investor.
The deal includes one senior property, Calexico Senior Apartments, as well as four multifamily communities: Imperial Gardens, Citrus Pointe, Chestnut Village and Seeley Valley Apartments, located in Calexico, Brawley, Holtville and Seeley, respectively.
“These apartments were built between 1984 and 1999, and since they’ve seen very few upgrades, we’re looking forward to bringing them some much-needed improvements,” said CPP President Anand Kannan. “As CPP continues to expand its portfolio around the nation, we’re proud to be a part of this complex and complicated transaction, while also helping dozens of Imperial County families.”
Planned upgrades to the communities include:
• ADA compliance
• Energy efficient appliances
• New roofing and flooring
• New cabinetry
• HVAC systems
“Affordability has been renewed by 55 years through this deal, ensuring that the residents will not be displaced from their homes,” said CPP Vice President Karen Buckland. “Affordable housing is a critical issue throughout California, and we are excited to bring our brand of affordable housing preservation to the Southern Border Region.”
About Community Preservation Partners: CPP is an affordable housing rehabilitation company that owns more than 7,500 units across the United States. Its mission is to enrich lives and strengthen neighborhoods by recapitalizing, rehabilitating and preserving aging affordable housing communities. CPP provides simple, practical solutions to complex challenges facing housing authorities, nonprofits and investors. For more information, visit www.CPPHousing.com or call Seth Gellis, vice president, for properties in the eastern U.S. including Texas at (949) 236-8280 or Jack Aronson, director of development acquisitions, for properties west of Texas at (415) 746-0666.
CPP, a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Ramona Park, an affordable housing complex in Baldwin Park, Calif. This is CPP’s fourth project in the Los Angeles area in the past year.
Ramona Park is located at 13870 Ramona Boulevard in Baldwin Park, approximately 15 miles east of Downtown Los Angeles. Designed with families in mind, the property is comprised of eight, two-story, garden-style buildings which house 49 one-, two-, and three-bedroom units. Community amenities include a community room, playground, and laundry room, as well as on-site management. CPP plans to invest $75,000 per unit in renovations.
"The renovations at Ramona Park reflect our ongoing commitment to preserving and enhancing affordable housing in Metro Los Angeles, where the need has never been greater. With more than 500,000 low-income households in the region struggling to find affordable rental options, it is critical that we invest in maintaining and modernizing these communities,” said Belinda Lee, Vice President of Development at CPP. “This acquisition, preservation and rehabilitation of the property will not only improve the quality of life for our residents but also ensure long-term sustainability, accessibility, and security for families who call Ramona Park home."
Ramona Park is set to undergo significant renovations to address long-overdue maintenance needs. The improvements will include both interior and exterior upgrades, such as new windows, flooring, cabinets, countertops, appliances, and lighting. Additionally, ADA-compliant units and pathways will be enhanced to meet local accessibility requirements. As part of the revitalization, new amenities will be introduced, including a picnic area, bike racks, a business center, social services, and surveillance cameras.
“Preserving and improving affordable housing is essential to supporting the well-being of our communities. The renovations at Ramona Park will provide residents with safer, more modern homes while also enhancing accessibility and adding valuable amenities,” said Philip Choi, Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site, instructor-led adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. All units will be income restricted to family households earning 30%, 40%, 50% and 60% percent of the Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. US Bank is providing construction financing and Capital One serves as the permanent lender, using a Freddie Mac product.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, in partnership with Bettencourt Properties and The Beneficial Housing Foundation, has announced the acquisition and planned renovation of Sundance Apartments, an affordable housing complex in Bakersfield, Calif. This is the first community in Bakersfield for CPP.
Sundance Apartments is located at 6000 White Lane in the Spice Tract neighborhood of Bakersfield. The convenient location allows residents easy access to multiple bus stops, as well as a nearby grocery store, shopping center and restaurants. Originally built in 1981, the property has not received any substantial rehabilitations. The property is comprised of 10, two-story buildings and an additional single-story building which contains the community room, laundry room, and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP’s total development investment is approximately $32.5M, which includes the purchase price of $20M and estimated renovation costs of approximately $80,000 per unit.
“Bakersfield, like many cities in California, is experiencing an affordable housing crisis. In fact, studies indicate that nearly one-third of Bakersfield residents are spending more than 30% of their income on housing,” said Belinda Lee, Director of Development at CPP. “The preservation of Sundance Apartments’ 60 affordable units will play a part in helping to ensure that the Bakersfield affordable housing supply is maintained for years to come.”
Sundance Apartments will receive significant renovations aimed at improving the property’s energy efficiency and modernization. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades include the modernization of bath and kitchen surrounds and fixtures, and replacement of unit flooring. Exterior improvements include roofing replacement, repairs to the property’s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property’s community room.
“By preserving 60 affordable units and investing in significant upgrades, we aim to ensure that these homes remain safe, energy-efficient, and sustainable for years to come. Our partnership with Bettencourt Properties and The Beneficial Housing Foundation underscores our shared commitment to providing quality, affordable housing to the communities that need it most,” said Alexis Castillo, Assistant Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property’s affordability was set to expire in 2027, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 55 years. All units will be income restricted to family households at 60% or below Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. Banner Bank is providing construction financing, while Key Bank serves as the permanent lender, using a Freddie Mac product.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Normandie Villas, an affordable housing complex in Los Angeles. The property is situated in the highly desirable Adams Normandie neighborhood of Los Angeles. This is the sixth community in the greater Los Angeles region for CPP.
Normandie Villas is located approximately one mile from the campus of the University of Southern California and five miles from downtown Los Angeles. The transit-oriented location allows residents easy access to a bus stop, grocery store, public park and elementary school. Originally built in 1983, the property has not received any major renovations. The property is comprised of a single one-story garden style building and three, two-story townhome style buildings. Designed to accommodate families, Normandie Villas offers 15 two bedroom and 10 three-bedroom units, two of which will become fully handicap accessible as a result of the renovation. CPP’s total development investment is approximately $20.6M, which includes the purchase price of $11.5M and estimated renovation costs of $165,916 per unit.
“The south-central region of Los Angeles has a strong need for quality affordable housing and as evidenced by its long wait list, Normandie Villas reflects this need,” said Evan Cramer, Development Manager at CPP. “We are pleased that we are able to preserve 25 units of critical affordable housing for this community for years to come.”
Normandie Villas will receive significant renovations, including new shingle roofing, and energy-efficient HVAC systems and gas water heaters. Additionally, by implementing energy efficient improvements throughout the project, including upgraded roof insulation, installation of Energy Star windows and appliances, and use of high-efficiency LED lighting, CPP expects to double the property’s 10% energy efficiency improvement required by the California Tax Credit Allocation Committee (CTCAC).
“We are proud to be part of the solution to the affordable housing crisis in south-central Los Angeles and look forward to seeing the positive impact these improvements will have for years to come,” said John Fraser, Vice President at CPP.
Additional in-unit upgrades include new kitchen and bathroom cabinets, sinks, faucets and solid surface countertops, new entry and patio doors, new flooring, new toilets, shower surrounds and shower heads, and upgraded patio fencing. During the renovations, two of the property’s units will be made ADA compliant.
CPP will also make significant improvements to the property’s community spaces, including new site signage, landscaping improvements, new mailboxes, leasing office and laundry room upgrades, the installation of a new playground, ADA path of travel upgrades, new fencing at pedestrian gates, and exterior painting, among others.
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by June 2025. The property’s affordability was set to expire in 2027, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed until 2044. Units will be set to 30%, 40%, 50%, or 60% of Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. Banc of California is providing construction financing, while Key Bank serves as the permanent lender, using a Freddie Mac product.
CPP, a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Ramona Park, an affordable housing complex in Baldwin Park, Calif. This is CPP’s fourth project in the Los Angeles area in the past year.
Ramona Park is located at 13870 Ramona Boulevard in Baldwin Park, approximately 15 miles east of Downtown Los Angeles. Designed with families in mind, the property is comprised of eight, two-story, garden-style buildings which house 49 one-, two-, and three-bedroom units. Community amenities include a community room, playground, and laundry room, as well as on-site management. CPP plans to invest $75,000 per unit in renovations.
"The renovations at Ramona Park reflect our ongoing commitment to preserving and enhancing affordable housing in Metro Los Angeles, where the need has never been greater. With more than 500,000 low-income households in the region struggling to find affordable rental options, it is critical that we invest in maintaining and modernizing these communities,” said Belinda Lee, Vice President of Development at CPP. “This acquisition, preservation and rehabilitation of the property will not only improve the quality of life for our residents but also ensure long-term sustainability, accessibility, and security for families who call Ramona Park home."
Ramona Park is set to undergo significant renovations to address long-overdue maintenance needs. The improvements will include both interior and exterior upgrades, such as new windows, flooring, cabinets, countertops, appliances, and lighting. Additionally, ADA-compliant units and pathways will be enhanced to meet local accessibility requirements. As part of the revitalization, new amenities will be introduced, including a picnic area, bike racks, a business center, social services, and surveillance cameras.
“Preserving and improving affordable housing is essential to supporting the well-being of our communities. The renovations at Ramona Park will provide residents with safer, more modern homes while also enhancing accessibility and adding valuable amenities,” said Philip Choi, Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site, instructor-led adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property’s affordability was set to expire in October 2025, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. All units will be income restricted to family households earning 30%, 40%, 50% and 60% percent of the Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. US Bank is providing construction financing and Capital One serves as the permanent lender, using a Freddie Mac product.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, in partnership with Bettencourt Properties and The Beneficial Housing Foundation, has announced the acquisition and planned renovation of Sundance Apartments, an affordable housing complex in Bakersfield, Calif. This is the first community in Bakersfield for CPP.
Sundance Apartments is located at 6000 White Lane in the Spice Tract neighborhood of Bakersfield. The convenient location allows residents easy access to multiple bus stops, as well as a nearby grocery store, shopping center and restaurants. Originally built in 1981, the property has not received any substantial rehabilitations. The property is comprised of 10, two-story buildings and an additional single-story building which contains the community room, laundry room, and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP’s total development investment is approximately $32.5M, which includes the purchase price of $20M and estimated renovation costs of approximately $80,000 per unit.
“Bakersfield, like many cities in California, is experiencing an affordable housing crisis. In fact, studies indicate that nearly one-third of Bakersfield residents are spending more than 30% of their income on housing,” said Belinda Lee, Director of Development at CPP. “The preservation of Sundance Apartments’ 60 affordable units will play a part in helping to ensure that the Bakersfield affordable housing supply is maintained for years to come.”
Sundance Apartments will receive significant renovations aimed at improving the property’s energy efficiency and modernization. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades include the modernization of bath and kitchen surrounds and fixtures, and replacement of unit flooring. Exterior improvements include roofing replacement, repairs to the property’s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property’s community room.
“By preserving 60 affordable units and investing in significant upgrades, we aim to ensure that these homes remain safe, energy-efficient, and sustainable for years to come. Our partnership with Bettencourt Properties and The Beneficial Housing Foundation underscores our shared commitment to providing quality, affordable housing to the communities that need it most,” said Alexis Castillo, Assistant Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property’s affordability was set to expire in 2027, but with CPP’s involvement, the Section-8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 55 years. All units will be income restricted to family households at 60% or below Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. Banner Bank is providing construction financing, while Key Bank serves as the permanent lender, using a Freddie Mac product.