CPP Buys LA Affordable Housing
The buyer is planning a number of renovations for the community.
Community Preservation Partners has acquired Witmer Manor, a 239-unit affordable community located at Located at 1501 Miramar St. in Los Angeles’ Westlake North neighborhood.
According to Yardi Matrix, Alpha Property Management was the property’s previous owner.
Community Preservation Partners purchased the asset as part of a $64 million investment, intending to conduct substantial upgrades at the property. This financing includes $48.4 million for the property, at a renovation budget of $65,000 per unit.
The California Tax Credit Allocation Committee issued and allocated 4 percent Low Income Housing Tax Credits for the project. WNC & Associates will be an the equity partner, with JP Morgan Chase providing construction financing and serving as the permanent lender.
Originally built in the 1930s, Witmer Manor has eight three- to four-story buildings. The property underwent a full renovation in 2005, and is sectioned into studio and one-bedroom residences. Amenities include a shared laundry and an on-site management office.
The upcoming renovations to Witmer Manor’s include ADA-compliant accessibility upgrades, new roofing, energy-efficient windows and LED lighting. Interior improvements will feature kitchen and bathroom upgrades, new flooring, dry wall repairs and fresh paint. Renovations are expected to finish in early 2026.
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According to Yardi Matrix data, Witmer Manor is 100 percent occupied. Apartments on the site are income restricted for households earning between 30 to 60 percent of the area median income under the Section 8 program. The community is located one mile away from Downtown Los Angeles, eight miles away from the Griffith Observatory and 18 miles away from LAX airport.
CPP Properties in LA
The acquisition of Witmer Manor marks CPP’s 19th investment in Los Angeles County. In December, the developer purchased two other affordable housing communities with a similar goal of upgrading them. These properties were Normandie Villas and MCA III, both a part of the Los Angeles metro. Acquired at a combined price of $33.7 million, both communities are set to undergo renovations that include the addition of shingle roofing, energy-efficient HVAC systems and gas water heaters.
In addition to acquiring and upgrading multiple affordable housing communities in the Los Angeles Area, CPP has also invested in affordable senior housing. In August of last year, the firm bought Green Hotel Apartments in Pasadena, Calif., for $54 million. The 139-unit property’s affordability was extended by another 20 years via a Section 8 Housing Assistance Payment contract, and the new owner plans to upgrade the building envelope, interior finishes and amenity spaces.
