First built in 1983, the property was recently purchased by CPP from a California limited partnership for $54.35 million with an additional $31 million earmarked for renovations and soft costs. The deal will extend affordable housing protection for the complex until 2056.
Major improvements during the rehabilitation will include:
- New cabinets, countertops and flooring for individual units.
- New plumbing fixtures and bathroom accessories.
- New Energy Star appliances.
- New roofing.
- New security system.
- Improved rec, computer and laundry rooms.
- New entry gate and fencing for the community rose garden.
- New light fixtures and handrails, stucco repairs and fresh paint on building exterior.
In addition to these upgrades, the property is designed to achieve Enterprise Green Communities certification for climate-resilient, zero-emission healthy affordable housing, which will include the installation of an all-new, environmentally friendly wastewater system.
“Our mission is to enrich the lives of our residents and ensure their community is a place they are proud to call home for years to come,” said CPP President Anand Kannan. “We are always especially gratified when we can extend affordability for residents – in this case through 2056 – and make a positive impact that will last a lifetime.”
Construction has already begun on the property and is expected to finish in early 2021. Residents living in ADA units will be temporarily relocated to a hotel for 30 days during construction. Other residents will be provided dedicated hospitality and bathroom areas from 8 to 5 p.m. and will be able to return to their units at night. All necessary COVID-19 precautions will be taken to protect residents throughout construction.
Financial partners on this project include Citibank and Affordable Housing Access.
Jason says
… modern day slave labor camps, those sprawling, expansive corporation apartment complexes constitute little more than a debt trap. The longer you must live in a corporation apartment complex, the more likely you are to die, on the work-til-you’re-90 retirement plan –
Alfredo says
By the end of the 21st century, residential rent as we know it will be a felony offense. The only legal rent allowed in real estate will be, short-term, hotel-motel, commercial, and corp-to-corp. Probably between 5 and 20%, all landowners will be legally compelled to accrue and return equity, on behalf of all multi-family residential apartment dwellers they rent to –