CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has entered the Santa Fe market with the acquisition and planned renovation of two developments in the city: Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two developments will be restricted to households earning 60 percent or less of the Area Median Gross Income (AMI) and which will continue to benefit from project-based rental assistance.
Santa Fe Apartments, with 64 units, is located at 255 Camino Alire and was built in 1968. Approximately two miles away is Sangre De Cristo Apartments, built in 1970, encompassing 164 units, and located at 1801 Espinacitas Street. Apartment layouts of both developments include one-, two- and three-bedroom units, with the latter also offering 4-bedroom units. The communities will receive extensive renovations, estimated at $96,700 per unit. CPP’s total investment for both properties is approximately $93,693,000, which includes the combined purchase price of $41,818,000.
“Santa Fe is an important new market for CPP. With 38 communities in New Mexico, including our newest one in Albuquerque, this purchase is another example of our continued investment in affordable housing in the state,” said Karen Buckland, Vice President at CPP.
Extensive renovations will be made at both locations to upgrade resident accessibility and energy efficiency. All common areas will be modified for ADA compliance, ensuring accessible routes to units, site amenities and parking. A total of 13 Type A units will be designated, nine units at Sangre De Cristo Apartments and four units at the Santa Fe Apartments. In addition, five hearing impaired units will be provided, four units at Sangre De Cristo and one unit at the Santa Fe Apartments.
Energy efficient upgrades will include installation of LED lighting throughout, low flow and flush rated plumbing fixtures and Energy Star rated appliances. Additionally, any proposed landscape improvements will address water conservation. Upgrades inside units will include new vinyl plank flooring, low VOC paint and adhesives, and formaldehyde free cabinets and counters.
Both developments’ exteriors will have stucco repairs, new paint, full asphalt replacement, new playground equipment installation, and the repaving of an existing basketball court. Additionally, refrigerant air conditioning will be installed throughout, which neither sites had previously. At Sangre De Cristo Apartments there will be new windows installed, roof repairs, and upgrades made to the exterior stairs. Roofs at Santa Fe Apartments will be replaced, and solar panels installed.
The properties’ HUD subsidy was set to expire, but with CPP’s involvement the homes will now remain affordable and prevent displacement of residents earning 60% of AMI until 2054.
“We are looking forward to working with CPP on these new developments in New Mexico,” Bobby C. Griffith, CFO and Director of Acquisitions at JL Gray, the development’s management company and owner. “They are partners who share our commitment to helping provide affordable housing to families and individuals in our communities.”
Renovations are expected to be completed in December 2024, with minimal impact to residents.
Partners on the project include the New Mexico Mortgage Finance Authority, who is the bond issuer and awarded 4% low-income housing tax credits; US Bank provided equity and construction gap financing; and Keybank provided debt financing through the Freddie Mac TEL program.
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.