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8/11/21
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Community Preservation Partners (CPP) closed on a NoCal affordable housing buy, acquiring Grand Ave Villa, an 18-unit apartment property in Del Paso Heights. Built in 1974, the complex is CPP’s smallest holding and its first community in the city of Sacramento.
Image: Irwin Partners Architects |
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CPP plans to invest $9.5 mil in total development costs to revitalize the community with substantial interior and exterior upgrades, enhanced security and the construction of a new amenity-rich community building. Construction begins this month with completion anticipated for February 2022.
The five-building community consists of three one-bedroom, eight two-bedroom and six three-bedroom units for residents earning less than 60% of the area’s median income. A one-bedroom manager unit also sits within the property. CPP is investing more than $200k per unit in renovations to deliver amenities typical of a market rate community.
Interior rehab efforts include replacement of windows, air conditioning units, flooring, cabinets, countertops, appliances and lighting. In addition to a newly constructed community building, outdoor spaces will be enhanced by a spacious tot lot, dog run and barbeque area where residents can gather. ADA units and ADA path of travel will also be updated as required by local jurisdictions. Additional community amenities and energy saving measures are also being regarded.
The property has a project-based, Section 8 Housing Assistance Payments contract covering 100% of the units and was eligible for a LIHTC syndication. A tax credit application was submitted in March 2021 and closed at the end of July 2021 using 9% tax credit equity and a construction-to-permanent loan. Partners on this project include Banner Bank, WNC, Foundation for Affordable Housing, Paragon Affordable and Institutional Property Advisors.
“Historically one of Sacramento’s poorest neighborhoods, Del Paso Heights has been gaining the attention of local stakeholders with planned efforts for revitalization to create more livable and sustainable communities,” said Anand Kannan, president at CPP. “By aligning with local city planners – and offering our experience, financial resources and creativity – we’ve been able to acquire our smallest community yet and are excited to provide residents with much-needed upgrades and increased safety measures to enhance their quality of life.”
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