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October 22, 2019
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MULTIFAMILY NEWS
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Community Preservation Partners Completes Rehabilitation of 48-Unit Low-Income Housing Portfolio in Los Angeles

5/28/19

Community Preservation Partners (CPP) has completed an $11.9 mil rehabilitation of The Curtis Johnson Apartments, a six-building, 48-unit low-income residential portfolio in and around the Vermont Harbor neighborhood of Los Angeles. The portfolio consists of 17 studios, 18 one- and 13 two- bedroom units, built between 1915 and 1927.

Use of the funds included the $4.46 mil purchase from a private developer along with $4.3 mil in construction costs. Each property received significant upgrades to the common areas and individual units, including:

• Replaced roofing
• Energy-efficient light fixtures and appliances
• Kitchen cabinets, bathroom vanities and flooring throughout
• Replaced windows
• Upgraded landscaping and irrigation systems
• Fresh paint within units and all exteriors

“When CPP purchased the properties in 2018, none of these homes had air conditioning, and many were sorely wanting for upgrades,” said CPP President Anand Kannan. “We are proud to bring these apartments into the 21st century, enrich the lives of these residents and strengthen the Vermont Harbor neighborhood.”

Additionally, tax credit investments were made by CPP’s parent company, WNC & Associates, and the nonprofit Foundation for Affordable Housing serves as managing general partner. By recapitalizing the rehabilitation of the portfolio, CPP has extended the affordability of the homes, preventing them from being subject to market-rate rents as far out as 2073.

The following addresses are in the scattered site portfolio:

• 1213-1215½ W. 39th St.
• 831-833½ W. 41st St.
• 860 and 866-870½ W. 42nd Pl.
• 897 W. Vernon Ave.
• 903 W. Vernon Ave.
• 727-729½ W. 47th St.

Citibank provided funding for the construction with support from general contractor MFRG-ICON and Irwin Partners Architects.





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