EL CAJON, Calif., Aug. 27, 2024 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing developer, announced the acquisition and planned renovation of Lexington Green Apartments, an affordable housing complex in El Cajon, California. CPP partnered with co-developer The Hampstead Companies on the deal. This is CPP’s second development in El Cajon, joining Park Villa Apartments.
Lexington Green Apartments is located in a predominantly residential neighborhood two miles east of downtown El Cajon, which is 17 miles east of downtown San Diego. The building was originally constructed in 1970 and was last renovated in 2007 under tax-efficient conditions, replacing some, but not all, of the original building systems. The building consists of 144 residential units distributed across 12 two-story apartment buildings. CPP’s total investment in the development is approximately $80,000,000, including the purchase price of $52,880,000 and estimated renovation costs of over $80,000 per unit.
“Lexington Green Apartments aligns with one of CPP’s core philosophies of strengthening the cornerstone communities in the neighborhood while increasing the affordability of the community,” said Evan Cramer, CPP’s assistant director of development. “We hope to accentuate the sense of pride that Lexington Green residents feel for their community while making the necessary physical improvements to ensure the property remains a prominent part of the community for years to come.”
The renovation will exceed the California Tax Credit Allocation Committee (CTCAC) energy savings requirement of 10% by replacing all windows with energy efficient vinyl retrofit windows, water heaters, Energy Star appliances, and energy efficient LED lights.
“By using environmentally friendly, energy-saving appliances and fixtures, Lexington Green is able to integrate sustainability into residents’ everyday lives and achieve our goal of a more sustainable future,” said John Fraser, Vice President CPP – East.
Other improvements include dry rot removal, flooring replacement, and new cabinets and countertops. Units and pathways throughout the building will be upgraded to be ADA compliant.
CPP and The Hampstead Companies are partnering with LifeSTEPS to offer instructor-led adult education courses that include financial literacy, computer training, resume building, nutrition, exercise, parenting and more. LifeSTEPS will also provide individualized health and wellness services and programs, such as crisis intervention, practical counseling and emotional support, and physical and mental health screenings.
Renovations are expected to be completed by August 2025. Thanks to CPP’s involvement, the property’s previously expired affordability status will be extended through 2044 under a renewed Section 8 Housing Assistance Payment (HAP) agreement.
Other partners in the project include the California Tax Credit Allocation Committee (CTCAC) and the California Debt Limit Allocation Committee, which issued and allocated 4% LIHTC and tax-exempt bonds, as well as WNC & Associates and Ready Capital.
About Community Preservation Partners
Community Preservation Partners was founded in 2004 by parent company WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed and rehabilitated more than 15,000 affordable multifamily and senior housing units nationwide. From the beginning, they have done things differently. CPP is more than just an advisor or investor, it is a true partner in every way. By joining forces with leading nonprofits and strategic partners, they are able to provide essential social services to residents, support neighborhood initiatives and transform affordable multifamily housing communities. Creativity, achievement and purpose are their core values and embody everything they do. Together, they define “A Different Way to Home” for their outstanding employees, partners and communities. For more information, visit: https://www.cpp-housing.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4b698fc5-5958-4293-ac8b-36790c99428c
