CPP Buys 95-Year-Old Affordable Complex in L.A. for $49M, Plans to Renovate

Affordable housing developer Community Preservation Partners (CPP) is continuing its streak of redevelopment acquisitions in Los Angeles County, this time in the north end of L.A.’s Westlake neighborhood. 

Irvine, Calif.-based CPP paid $48.8 million for Witmer Manor, a 239-unit affordable housing complex at 1501 Miramar Street, just east of Downtown L.A. Real estate developer, investor and management firm 21 Alpha Group previously owned the property, records show, having purchased the complex for just $7.1 million in 2004. Witmer Manor was built in 1930 and most recently upgraded in 2005.

As is typical of its recent acquisitions, CPP plans to renovate the complex. The firm said it plans to spend about $15.6 million on renovations, or about $65,000 per unit, bringing its total investment in the property to roughly $64 million.

“With rising housing costs and increasing demand, securing and revitalizing properties like Witmer Manor is essential to maintaining long-term affordability for the community,” Jack Aronson, CPP’s senior vice president of acquisitions, said in a statement.

The planned renovations are extensive. Alongside ample ADA upgrades, each of the eight, three- to four-story buildings at Witmer Manor will receive new roofing, windows, heat pumps, flooring, interior and exterior lighting, drywall repairs, vanities, bathroom and kitchen updates, and fresh paint. The renovations are expected to wrap by early 2026, and all units will be earmarked for households earning between 30 and 60 percent of the area median income.

The California Tax Credit Allocation Committee provided CPP with 4 percent Low Income Housing Tax Credit financing for the acquisition. J.P. Morgan Chase provided a Fannie Mae (FNMA) construction loan, though the loan amount was not immediately disclosed. 

“With the planned renovations at Witmer Manor, we are ensuring that residents not only have access to safe and stable housing, but also modern, energy-efficient homes that enhance their quality of life,” Belinda Lee, CPP’s vice president of development, said in a statement.

Witmer Manor is the latest in a string of affordable projects CPP has gotten its hands on across the L.A. Basin lately. That includes its $23.3 million purchase in March of Ramona Park, a 49-unit complex in Baldwin Park, as well as its acquisitions of the 25-unit Normandie Villas in L.A.’s Adams Normandie neighborhood, and the 20-unit MCA III complex in Crenshaw in December. 

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