Community Preservation Partners (CPP), an affordable housing preservation developer, has announced the acquisition and planned renovation of Lexington Green Apartments in El Cajon, California. Partnering with The Hampstead Companies, this marks CPP’s second property in El Cajon. Originally built in 1970, the 144-unit complex will undergo extensive renovations, including energy efficiency upgrades and ADA-compliant improvements. CPP’s total investment is approximately $80 million, with the purchase price at $52.88 million and renovations estimated to exceed $80,000 per unit. The project aims to preserve affordability until 2044. Additional partners include the California Tax Credit Allocation Committee and Ready Capital. Renovations are projected to be completed by August 2025.
Real Estate, Finance, Sustainability,United States, California
https://www.globenewswire.com/news-release/2024/08/27/2936433/0/en/CPP-Announces-Acquisition-of-Lexington-Green-Apartments-in-El-Cajon-California.html