CPP Delivers 513 Redeveloped Affordable Units Throughout LA
By Greg Cornfield December 23, 2021 6:20 pm
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Amid the accelerated housing crisis in Southern California, Community Preservation Partners (CPP) has invested more than $242 million to acquire and renovate 513 units in four projects throughout Los Angeles County.
CPP also extended the affordability restrictions for all four properties by 55 years.
“Los Angeles historically has struggled to provide enough housing for low-income earners due to the high cost of land and materials, making it essential to prioritize preservation projects, not just new development,” said Anand Kannan, president of CPP.
CPP acquired Golden West Tower Apartments, a 180-unit senior housing community in Torrance in February 2020 for $74 million and completed more than $10 million in renovations. CPP updated the units and added new amenities including an exercise room, community library, and theater and entertainment lounge.
In East Hollywood, CPP acquired 51-unit senior complex Kernwood Terrace Apartments for $11 million and spent more than $4 million on rehabilitation. In Compton, CPP acquired the 72-unit Douglas Park Apartments, an existing Low Income Housing Tax Credits and Section 8 community, for $21 million in 2021 and invested more than $5 million in updates.
Finally, CPP acquired Village Pointe in the city of Lancaster for $54 million and invested more than $14 million to update the 210-unit community for low-income families earning below 60 percent of the area median income.
Since its founding in 2004, Irvine-based CPP has invested more than $2.6 billion into neighborhoods across the United States, holding more than 12,500 low-income housing units in its portfolio.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
