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9/05/24
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Community Preservation Partners (CPP) has purchased Green Hotel Apartments, a 139-unit, affordable senior (62+) apartment complex in downtown Pasadena.CPP plans to restore the property and maintain it as affordable housing.
Built in the 1890s, Green Hotel Apartments is listed on the National Register of Historic Places and is a Pasadena Historic Monument. Located at 50 E. Green St, the property is a seven-story mix of studio and one-bedroom units serving seniors earning between 30% and 60% of the area median income (AMI). CPP’s total development investment is approximately $100 mil, which includes the purchase price of $54 mil and an estimated per unit renovation cost of $115k.
CPP’s renovations will include building envelope restoration, new flooring, countertops, appliances, and lighting, and upgrades to ADA units and ADA paths of travel. Wi-Fi will be installed throughout the units. CPP plans to develop a community space to include a theater, conference rooms, business center, multipurpose room, and library. Windows and air conditioning systems will be replaced in such a way as to look like the original building.
As part of CPP’s community work, Green Hotel Apartments residents will be able to participate in on-site health, education, and employment services through a partnership with Project Access.
The property’s affordability was set to expire in July 2035. Affordability will be deepened and renewed for at least 20 more years under a renewed Section-8 Housing Assistance Payment (HAP) contract and 55 years under the new CA Tax Credit Regulatory Agreement that will be implemented post-renovation.
“Green Hotel Apartments is currently at 100% occupation with a full waitlist, reflecting the high demand for affordable senior housing options in the area,” said Belinda Lee, Director – Development at CPP.
Partners on the project include the California Tax Credit Allocation Committee (CTCAC) and California Debt Limit Allocation Committee, who issued 4% tax credits and bonds, California Municipal Finance Authority, U.S. Department of Housing and Urban Development (HUD), WNC and Associates, Citibank N.A., California Bank and Trust, Belveron, and Goldrich Kest.
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