CPP Announces Acquisition of Ramona Park in Los Angeles County
Deal News | Mar 27, 2025 | Globenewswire
Community Preservation Partners (CPP), a mission-driven developer dedicated to preserving affordable housing, has announced the acquisition and renovation of Ramona Park, a housing complex in Baldwin Park, Los Angeles County. This marks CPP's fourth project in the region within the past year. Situated approximately 15 miles east of downtown Los Angeles, Ramona Park consists of 49 units housed in eight two-story buildings designed for families. The $27 million investment involves a purchase price of $23.3 million and renovations estimated at $75,000 per unit. Upgrades will enhance both interiors and exteriors, including new windows, flooring, and appliances, while introducing new amenities like a picnic area and a business center. Notably, the project extends affordability under the Section-8 Housing Assistance Payment (HAP) for 20 years, ensuring income restrictions are upheld according to the Area Median Income. Partners include LifeSTEPS for resident services, the California Tax Credit Allocation Committee for tax credits, WNC & Associates as an equity partner, and finance efforts supported by US Bank and Capital One.
Sectors
- Real Estate Development
- Affordable Housing
- Community Services
Geography
- United States – The entire project and the entities involved are based in the United States.
- Los Angeles County – The specific location of the affordable housing project acquisition and renovation is in Baldwin Park, Los Angeles County, California.
Industry
- Real Estate Development – The article discusses the acquisition and development of affordable housing, which falls under the real estate development sector.
- Affordable Housing – The focus on preserving and enhancing Ramona Park as part of an affordable housing initiative is directly related to the affordable housing sector.
- Community Services – The involvement with LifeSTEPS for providing resident services ties the development project to community services.
Financials
- $27,000,000 – Total development investment for acquiring and renovating the Ramona Park housing complex.
- $23,300,000 – Purchase price for acquiring Ramona Park.
- $75,000 – Estimated renovation cost per unit at Ramona Park.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Community Preservation Partners (CPP) | Acquirer and Developer | Company | CPP is a mission-driven affordable housing developer focusing on the acquisition and modernization of housing communities. |
| Ramona Park | Target company | Company | An affordable housing complex located in Baldwin Park, California, consisting of 49 family units. |
| LifeSTEPS | Community Services Partner | Company | Provides on-site education and social services for residents as part of the renovation project. |
| California Tax Credit Allocation Committee (CTCAC) | Tax Credit Issuer | Government | Issued and allocated 9% Low-Income Housing Tax Credits for the project. |
| WNC & Associates | Equity Partner and Parent Company | Company | WNC is a national investor in affordable housing and the parent company of CPP. |
| US Bank | Construction Financing Provider | Company | Provides the financial support needed for the renovation phase of the project. |
| Capital One | Permanent Lender | Company | Serves as the long-term lender for the project, utilizing a Freddie Mac product. |