CPP Acquires Fourth L.A. Region Affordable Complex Over Past Year

An affordable housing developer has got its hands on its fourth project in Los Angeles County just over the past 12 months, this time in the Baldwin Park, Calif.

Community Preservation Partners (CPP) paid $23.3 million for the 49-unit Ramona Park at 13870 Ramona Boulevard. San Francisco-based Belveron Partners sold the asset, according to property records. CPP plans to spend an additional $75,000 per unit on renovations, bringing its full investment in the complex to about $27 million. 

The California Tax Credit Allocation Committee provided CPP with 9 percent Low-Income Housing Tax Credit financing, while U.S. Bank provided a construction loan and Capital One (COF) provided Freddie Mac (FMCC) financing. The developer did not immediately disclose the dollar amounts of the debt packages.

“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,” Belinda Lee, CPP’s vice president of development, said in a statement. “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.”

Planned upgrades at Ramona Park include both interior and exterior renovations, including new flooring, cabinets, countertops, appliances, windows and lighting, as well as new amenities like a business center, social services, surveillance cameras and bike racks, according to CPP. The improvements to the complex, which is restricted to households earning 30 to 60 percent of the area median income, are expected to be completed by the end of this year.

“Preserving and improving affordable housing is essential to supporting the well-being of our communities,” Philip Choi, CPP development manager, added in a statement. “The renovations at Ramona Park will provide residents with safer, more modern homes while also enhancing accessibility and adding valuable amenities.”

CPP has had a busy year, acquiring three other smaller affordable communities across L.A. within the past few months, with plans to renovate them. That includes the 25-unit Nordmandie Villas complex in the city’s Adams Nordmandie neighborhood, and the 20-unit MCA III complex in Crenshaw, which the developer announced in mid-December. It also includes the 14-unit Canoga Park Apartments in L.A.’s Canoga Park neighborhood last May. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.