CPP Announces Acquisition of Historic Green Hotel Apartments in Pasadena, California
06 Agosto 2024 - 10:00AM
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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