CPP Secures Ramona Park Acquisition for $75K Per Unit Revamp
Deal News | Mar 31, 2025 | Globenewswire
Community Preservation Partners (CPP) has acquired Ramona Park, an affordable housing complex in Baldwin Park, Los Angeles County, marking its fourth such project in the area within a year. An estimated $75,000 will be invested into renovating each unit of the complex, located at 13870 Ramona Boulevard. The renovation aims at both interior and exterior improvements, including new infrastructure and amenities. Given that affordable housing is a growing need in the region, this project supports more than 500,000 low-income families struggling to find economical rental options. The renovations will upgrade living standards by improving the quality and security of homes and introducing valuable community features. Funded by a cadre of financial and equity partners, the renovation will ensure sustained quality affordable homes by renewing a Section-8 HAP contract for an additional 20 years and maintaining income restrictions. LifeSTEPS will provide on-site social services to enhance residents' lives. Completion is expected by year-end 2025.
Sectors
- Affordable Housing Development
- Real Estate Investment
- Financial Services
Geography
- United States – The project is based in Baldwin Park, California, a part of Los Angeles County, reflecting the geographic focus of the article.
- California – The state where the project takes place, emphasizing the commitment to improve affordable housing within California.
Industry
- Affordable Housing Development – The article centers on CPP's efforts to preserve and upgrade affordable housing units, focusing on the acquisition and renovation of Ramona Park.
- Real Estate Investment – CPP's acquisition and investment in Ramona Park illustrate activity in the real estate development sector, particularly in investment and infrastructure enhancements.
- Financial Services – Financial partners like WNC & Associates, US Bank, and Capital One play a significant role in providing the necessary financing and equity for the project.
Financials
- $75,000 – The investment per unit planned for the renovation of the Ramona Park complex.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Community Preservation Partners (CPP) | Acquiring Company | Company | A mission-driven affordable housing preservation developer involved in acquiring and renovating Ramona Park. |
| Ramona Park | Target Company | Company | An affordable housing complex in Baldwin Park, California, set for acquisition and renovation by CPP. |
| WNC & Associates | Equity Partner | Company | The parent company of CPP, providing equity and support for the project. |
| US Bank | Construction Financing Partner | Company | Providing construction financing for the Ramona Park renovation. |
| Capital One | Permanent Lender | Company | Acting as the permanent lender through a Freddie Mac product. |
| LifeSTEPS | Community Service Provider | Company | Partnered with CPP to offer on-site educational and social services. |
| California Tax Credit Allocation Committee (CTCAC) | Financer | Government | Allocated the Low-Income Housing Tax Credits (LIHTC) for the project. |