Community Preservation Partners (CPP) has acquired a 44-unit affordable housing community in Palm Springs, California.
The firm is planning an extensive renovation and will extend the property’s affordability status for an additional 55 years, according to officials.
Sunnyview Villa was built in 1980 and has experienced deferred maintenance over the years. Improvements to the apartments will include the installation of new kitchen cabinets and countertops, low-HOV vinyl flooring, Energy Star appliances, and energy-efficient lighting. Exterior renovations will include new roofing, energy-efficient lighting in common areas, and painting of all structures. Work will also be done to make the property more compliant with the Americans with Disabilities Act.
In addition, the team is adding a computer room, security video surveillance, in-unit wireless internet, a social coordinator, and transportation options.
CPP is partnering with LifeSTEPS to create a program for residents’ health and wellness. Services include effective educational and supportive services designed to maximize resident strengths and build resilient communities.
“The value that LifeSTEPS brings is a big part of the community’s renovation,” said Karen Buckland, vice president of development at CPP. “We have worked with the organization in the past, and they have proven to be integral in setting up an important support system for residents.”
CPP’s total development investment is expected to be approximately $20.7 million, with a purchase price of $11.3 million and an expected renovation investment of approximately $89,000 per unit. Renovations are expected to be completed in December.
Development partners include WNC, which is providing 4% tax credit equity, bond issuer California Municipal Finance Authority, and Red Stone Equity Partners.
Since being established by WNC in 2004, CPP has acquired, developed, and rehabilitated more than 11,000 affordable multifamily and senior housing units nationwide.