Preserving Affordability. Strengthening Families.
In 2024, Community Preservation Partners, in partnership with The Hampstead Companies, acquired Lexington Green Apartments, a 144-unit affordable housing community in El Cajon, California. Located in a stable, family-oriented neighborhood near San Diego, the property plays a key role in providing housing for working families.
Originally built in 1970 and last renovated in 2007, Lexington Green faced aging systems, deferred maintenance, and an expired affordability structure. Without reinvestment, residents risked rising rents and potential displacement in a high-cost market.
Our Mission: Preserve and Modernize
CPP approached Lexington Green with a clear goal: protect long-term affordability while improving living conditions for current and future residents.
The development team committed approximately $78 million to acquire and rehabilitate the property. Renovations focused on both immediate repairs and long-term performance, including:
These upgrades enhance the overall residential environment, reduce maintenance needs, and support lower utility costs for residents.
Just as important, CPP renewed the Section 8 Housing Assistance Payment contract through 2044 and, through the project’s Low-Income Housing Tax Credit structure, secured a 55-year affordability covenant. Together, these measures extend affordability for decades and ensure Lexington Green remains a stable housing resource for 144 families.
Supporting Residents Beyond Housing
CPP integrated resident services into the redevelopment plan to support stability and long-term success.
Through a partnership with LifeSTEPS, residents gain access to on-site programs that include:
These services address real needs within the community and give families tools to improve their quality of life.
Financing the Preservation
The project used a bond-driven financing structure paired with 4 percent Low-Income Housing Tax Credits. This approach allowed the team to fund comprehensive renovations without relying on additional state or local subsidies.
Equity came from WNC & Associates, aligning investment with CPP’s long-term preservation strategy.
A Community Stabilized
Lexington Green shows how preservation protects both housing and neighborhoods. The project prevents displacement, upgrades aging infrastructure, and keeps affordable homes in a region where new construction costs remain high.
Residents now live in updated homes with access to services that support financial stability, health, and family growth. At the same time, the surrounding community benefits from a revitalized property that continues to serve as a reliable housing resource.
This development protects 144 affordable homes, extends affordability for decades, and strengthens the foundation for families to stay and succeed in El Cajon.
