513 newly renovated affordable housing units in LA provide quality and sustainable housing solutions for SoCal families and seniors.
Community Preservation Partners (CPP), one of the nation’s most active affordable housing preservation companies, announced the completion of four projects in the County of Los Angeles: Golden West Tower Apartments in Torrance, Village Pointe in Lancaster, Kernwood Terrace Apartments in East Los Angeles and Douglas Park Apartments in Compton. CPP invested more than $242 million over two years in the 513 units to renovate and deliver amenities typical of market rate communities, providing high-quality housing options to families and seniors. The affordability restrictions for all four properties have been extended by 55 years; interior and exterior features were updated and where feasible, sustainability and ADA features were added.
“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. “The revitalization of these four communities has transformed areas of neglect into safe, stable and quality living communities, where residents are engaged and proud of the place they call home. We have also invested in sustainable building systems and energy-efficient appliances to save residents on their utility bills and contribute to California’s green energy goals.”
Golden West Tower Apartments is a 180-unit senior housing community in Torrance. Acquired in 2020 for $74 million, CPP invested more than $10 million in renovations to improve the lives of its senior residents. Enhancements include new interior lighting, cabinets, countertops and appliances. The landscaping and ADA-compliant paths of travel were improved, and staff offices were added.
New amenities such as an exercise room, community library, dog run, garden, theater and entertainment lounge are available for all residents to enjoy. Golden West Tower Apartments is designated an Enterprise Green Community, the only national green building program created with and for the affordable housing sector. Partners on this project include Jonathan Rose Companies and Affordable Housing Access, Inc. and financing was provided by Citibank and WNC.
CPP acquired Village Pointe in Lancaster in 2020 for $54 million and invested more than $14 million to update the 210-unit community for low-income families earning below 60% AMI. Interior unit refurbishment efforts included replacement of all air conditioning units, flooring, cabinets, countertops, and energy efficient updates such as installing Energy Star appliances, efficient fixtures and lighting.
Exterior improvements included upgrades to lighting, new paint and upgrades to the security system. Additionally, CPP improved the communal areas by adding two new tot lots and one adult exercise area and repaving the tennis and basketball courts. Upgrades to the ADA units and ADA path of travel, as required by local jurisdictions, were included. Further, Village Point is certified as an Enterprise Green Community and eco-friendly features include two greywater systems, to help recycle building water and bring the cost of water down for residents. Financing was provided by Citibank and CIT Bank.
Kernwood Terrace Apartments in East Los Angeles is a 51-unit senior apartment complex. CPP acquired the property in 2020 for $11 million and spent more than $4 million on the rehabilitation of the property. On the interior, CPP replaced unit flooring, cabinetry and countertops and installed energy efficient fixtures and lighting. Improvements to the exterior of the building included new paint and lighting, as well as enhancements to the roof, security system and landscaping. Additionally, the project received a new dog run, community garden and business center and the elevator system, recreational room, laundry rooms and leasing office were all upgraded. Financing was provided by Pacific Western Bank and WNC.
In Compton, CPP acquired the Douglas Park Apartments, an existing LIHTC and Section 8 community, for $21 million in 2021. CPP invested more than $5 million to update the 72-unit family housing community. Enhancements to the individual units included updated lighting, flooring, cabinets, countertops and appliances. The building roofing and security system were upgraded and ADA-compliant paths of travel and staff offices were added. To further the lives of the residents, a community area and basketball court were added. The building is a GreenPoint Rater Multifamily certified community. Financing was provided by Citibank and CIT Bank.
CPP has a long history of providing affordable housing solutions across the state of California, with an established footprint in the cities of Anderson, Antelope, Los Angeles, Oakland, Red Bluff, San Francisco, San Jose, Stockton and others. A national developer, CPP continues to deepen the affordability of neighborhoods across the United States with communities in Colorado, Utah, Montana, New Jersey, New Mexico, New York, North Carolina Oregon, Pennsylvania, Tennessee, Connecticut and Virginia.
About Community Preservation Partners
Since its founding in 2004, Community Preservation Partners (CPP Housing), an affordable housing rehabilitation company, has invested more than $2.6 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families and individuals. Holding more than 12,500 low-income housing units in its asset portfolio, the award-winning firm continues to expand nationally with headquarters in Irvine, California and Reston, Virginia. With its creative mindset and unwavering vision, CPP proposes big, bold and better solutions that build community and serve the greater good. Creativity. Performance. Purpose. A different way to home. For more information, visit cpp-housing.com and follow us on LinkedIn.