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12/16/16
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Community Preservation Partners (CPP) has acquired Mountain View Apartments, a 280-unit housing complex in Cathedral City, and has begun an $11.3 mil rehabilitation project that will improve the living conditions of hundreds of senior citizens living there.
The property – a sprawling campus of 70 four-unit residential buildings over 20 acres – was purchased from a private trust. It is the largest number of units CPP has ever acquired in a single purchase. Additionally, it is the largest deal of its kind to be supported by the U.S. Department of Agriculture’s (USDA) Section 515 Rural Rental Housing Loans program. Each apartment has one bedroom, and the homes are restricted for low-income senior citizens.
Irvine-based CPP, which specializes in affordable housing rehabilitations and community enrichment, will invest about $40k per unit. No residents will be displaced and construction is expected to be completed by late 2017. With this acquisition, CPP’s affordable housing portfolio exceeds 4,500 units across the nation.
Located at 68680 Dinah Shore Dr in Cathedral City, Mountain View Apartments were built in 1984 and are in need of repairs. Part of CPP’s rehabilitation will include:
• Full replacement of all windows and doors
• New paint
• Water-efficiency upgrades
• Complete exterior lighting and landscaping
• Installation of cable television and wireless internet
• New energy efficient appliances, including stove and refrigerator
• Remodeled bathrooms, including bathtub, sink, vanity and flooring
Additionally, there are two community spaces onsite that will be upgraded, including a maintenance space that will be transformed into an outdoor picnic area with public barbecues. Under the deal, the rents will remain below the market rate for the area for 55 years.
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