SACRAMENTO, CA – Community Preservation Partners (CPP Housing), a national affordable housing developer committed to creativity, performance and purpose, today announced the acquisition of Grand Ave Villa in Del Paso Heights. Built in 1974, the 18-unit apartment complex is CPP’s smallest holding and its first community in the city of Sacramento. CPP plans to invest $9.5 million in total development costs to revitalize the community with substantial interior and exterior upgrades, enhanced security and the construction of a new amenity-rich community building. Construction begins this month with completion anticipated for February 2022.
“Historically one of Sacramento’s poorest neighborhoods, Del Paso Heights has been gaining the attention of local stakeholders with planned efforts for revitalization to create more livable and sustainable communities,” said Anand Kannan, president at CPP. “By aligning with local city planners – and offering our experience, financial resources and creativity – we’ve been able to acquire our smallest community yet and are excited to provide residents with much-needed upgrades and increased safety measures to enhance their quality of life. Serving our community is what makes us proud of our preservation and restoration efforts, and communities of every size can truly benefit from this work.”
The five-building community consists of three one-bedroom, eight two-bedroom and six three-bedroom units for residents earning less than 60% of the area’s median income. A one one-bedroom manager unit also sits within the property. CPP is investing more than $200,000 per unit in renovations to deliver amenities typical of a market rate community. Interior rehab efforts include replacement of windows, air conditioning units, flooring, cabinets, countertops, appliances and lighting. In addition to a newly constructed community building, outdoor spaces will be enhanced by a spacious tot lot, dog run and barbeque area where residents can gather. ADA units and ADA path of travel will also be updated as required by local jurisdictions. Additional community amenities and energy saving measures are also being regarded.
The property has a project-based Section 8 Housing Assistance Payments contract covering 100% of the units and was eligible for a LIHTC syndication. A tax credit application was submitted in March 2021 and closed at the end of July 2021 using 9% tax credit equity and a construction-to-permanent loan. Partners on this project include Banner Bank, WNC, Foundation for Affordable Housing, Paragon Affordable and Institutional Property Advisors.
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, 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, 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 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families and individuals. Holding more than 11,000 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 Housing 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 www.CPP-Housing.com and follow us on LinkedIn.