CPP Invests in Witmer Manor Redevelopment in Los Angeles
Deal News | Apr 24, 2025 | Globenewswire
Community Preservation Partners (CPP), a developer focused on preserving affordable housing, has announced its acquisition of Witmer Manor in Los Angeles. This marks the 19th investment for CPP in Los Angeles County, complementing its recent acquisition of another property, Ramona Park. Located in the Westlake neighborhood, the Witmer Manor property consists of 142 studio and 96 one-bedroom units across eight buildings. CPP aims to invest approximately $64 million in the property, which includes a $48.4 million purchase price and about $65,000 per unit in renovations. These renovations are intended to update the 1930-built complex with energy-efficient features, aesthetic improvements, and enhanced accessibility. The partnership with LifeSTEPS will provide residents with educational and skill-building services. CPP's strategy focuses on ensuring long-term affordability for families earning between 30% to 60% of the Area Median Income, in collaboration with stakeholders like the California Tax Credit Allocation Committee and financing partners such as JP Morgan Chase. Expected completion for renovations is early 2026.
Sectors
- Real Estate
- Social Services
Geography
- United States – The project is located in Los Angeles, California, making it relevant to the U.S. geography.
- California – The state is mentioned due to the involvement and location of Witmer Manor and the California Tax Credit Allocation Committee.
Industry
- Real Estate – The acquisition and development of Witmer Manor fall under the Real Estate sector, focusing on affordable housing projects.
- Social Services – CPP's partnership with LifeSTEPS to provide residents with educational and wellness services highlights the involvement of Social Services in the project.
Financials
- $48.4M – Purchase price of Witmer Manor.
- $64M – Total development investment for Witmer Manor.
- $65,000 – Estimated renovation costs per unit.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Community Preservation Partners (CPP) | Acquirer | Company | A mission-driven affordable housing preservation developer. |
| Witmer Manor | Target company | Company | An affordable housing complex in Los Angeles. |
| LifeSTEPS | Service Provider | Company | Provides on-site adult education, health, and wellness services to residents. |
| California Tax Credit Allocation Committee (CTCAC) | Issuer of LIHTC | Government | They issued and allocated 4% Low-Income Housing Tax Credits. |
| WNC & Associates | Equity Partner | Company | Serves as the equity partner and the parent company of CPP. |
| JP Morgan Chase | Lender | Company | Provides construction financing and serves as the permanent lender. |