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8/18/23
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CPP (Community Preservation Partners) acquired Sunnyview Villa, a 44-unit affordable housing property in Palm Springs. The community, located at 2950 N. Indian Canyon Rd in North Palm Springs near the historic Racquet Club West neighborhood, consists of one- and two-story buildings reserved for residents earning between 30% and 60% AMI.
CPP’s planned renovation and investment will renew the property’s affordability status for an additional 55 years. All of the units at Sunnyview Villa will undergo extensive renovations to improve residents’ quality of life.
Sunnyview Villa was built in 1980 and has experienced deferred maintenance over the years. Improvements to the apartment interiors will include installation of new kitchen cabinets and countertops, low-HOV vinyl flooring, Energy Star appliances and energy efficient lighting. Exterior renovation will include new roofing, energy efficient lighting in common areas and painting of all structures. Additional work will upgrade the ADA path of travel to be compliant.
Technological improvements include the addition of a computer room, security video surveillance, in-unit wireless internet, a social coordinator and transportation options. CPP is partnering with LifeSTEPS to create a program for residents’ health and wellness. Services include effective educational and supportive services designed to maximize resident strengths and build resilient communities.
“The value that LifeSTEPS brings is a big part of the community’s renovation,” said Karen Buckland, Vice President of Development at CPP. “We have worked with the organization in the past and they have proven to be integral in setting up an important support system for residents.”
CPP’s total development investment is expected to be approximately $20.7 mil, based on a purchase price of $11.25 mil and an expected renovation investment of approximately $89k per unit. Renovations are expected to be completed in December 2023.
Development partners on the project include WNC & Associates, which is providing 4% tax credit equity, bond issuer California Municipal Finance Authority and Red Stone Equity Partners. It is through partnerships like these that CPP is able to provide essential social services to residents, support neighborhood initiatives and transform multi-family affordable housing communities.
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