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January 18, 2020
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Community Preservation Partners Acquires 158-Unit Affordable Housing Property in West Covina

12/30/19

Community Preservation Partners (CPP) has purchased Cameron Park Apartments, a 158-unit, affordable housing complex located at 929 West Cameron Ave in West Covina, for $52 mil ($329k/unit). The acquisition deal includes nearly $10 mil in renovations, plus measures to keep all the units at below-market levels for the next 55 years.

Cameron Park Apartments was built in 1970 and received a light renovation in 2002. The 14-building multifamily property – a mix of one- to four-bedroom apartments – will receive a multitude of upgrades to the property’s interiors and exteriors, along with improvements to the common area facilities and a reconfiguration of the community building and office space. Construction began in October and is expected to conclude in summer 2020.

CPP was supported on the acquisition of Cameron Park Apartments by Foundation for Affordable Housing, Inc., the nonprofit managing general partner for the deal. Other equity and development partners include Citi Community Capital and CPP parent company WNC & Associates.

The rehabilitation at Cameron Park Apartments will include the following:

• Total roof and window replacement
• New HVAC/AC
• Electrical load and plumbing upgrades
• New energy-efficient lighting
• Stucco repair
• New paint
• Full unit turns (cabinets, counters, appliances, flooring, bath vanities, fixtures, lighting)
• ADA upgrades
• Path of travel improvements
• Common-facility improvements (reconfigured community room and office and BBQ areas for resident gatherings)
• Security upgrades and new landscaping





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