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CPP Announces Acquisition of Historic Green Hotel Apartments in Pasadena, California
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PASADENA, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Green Hotel Apartments, an affordable senior (62+) apartment complex in downtown Pasadena, Calif. This is the 15th community in the greater Los Angeles area for CPP and the 41st in the state.
Built in the 1890s, Green Hotel Apartments is listed on the National Register of Historic Places and is a Pasadena Historic Monument. Located at 50 E. Green Street, the 139-unit property is a seven-story mix of studio and one-bedroom units serving seniors earning between 30 and 60 percent of the area median income (AMI). CPP’s total development investment is approximately $100,000,000, which includes the purchase price of $54,000,000 and an estimated per unit renovation cost of $115,000.
“Green Hotel Apartments is a unique opportunity for CPP to renovate a historic property with modern systems while carefully restoring the exterior to its original historic charm and architectural integrity,” said Seth Gellis, President at CPP. “Our experience in historic affordable housing preservation provides us with an asset which we look forward to utilizing on Green Hotel.”
CPP’s renovations will include building envelope restoration, new flooring, countertops, appliances, and lighting, and upgrades to ADA units and ADA paths of travel. Wi-Fi will be installed throughout the units. CPP plans to develop a community space to include a theater, conference rooms, business center, multipurpose room, and library. Windows and air conditioning systems will be replaced in such a way as to look like the original building.
As part of CPP’s community work, Green Hotel Apartments residents will be able to participate in on-site health, education, and employment services through a partnership with Project Access.
The property’s affordability was set to expire in July 2035. Affordability will be deepened and renewed for at least 20 more years under a renewed Section-8 Housing Assistance Payment (HAP) contract and 55 years under the new CA Tax Credit Regulatory Agreement that will be implemented post-renovation.
“Green Hotel Apartments is currently at 100% occupation with a full waitlist, reflecting the high demand for affordable senior housing options in the area,” said Belinda Lee, Director – Development at CPP. “We’re pleased to preserve this historic landmark and provide much-needed housing for the Old Pasadena neighborhood.”
Partners on the project include the California Tax Credit Allocation Committee (CTCAC) and California Debt Limit Allocation Committee, who issued 4% tax credits and bonds, California Municipal Finance Authority, U.S. Department of Housing and Urban Development (HUD), WNC and Associates, Citibank N.A., California Bank and Trust, Belveron, and Goldrich Kest.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by their parent company, WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed, and rehabilitated more than 15,000 affordable multifamily and senior housing units nationwide. From the very beginning, they’ve done things differently. As more than a consultant or an investor, CPP is a true partner in every sense. By joining leading nonprofits and strategic partners, they can provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities. Creativity, Performance, and Purpose are their core values and embody everything they do. Together they define A Different Way to Home for their excellent employees, partners, and communities. To learn more, visit: https://www.cpp-housing.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e7eae686-1234-4d2d-912b-3ec504383e1e
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