Rehab Complete on Affordable Sacramento-Area Property
- May 08, 2019
Community Preservation Partners has completed the renovation of Danbury Park Apartments in Antelope, Calif. The affordable housing community encompasses 140 units, out of which 14 have been remodeled and brought to Americans with Disabilities Act standards. The total $35.6 million rehabilitation includes an $18.5 million purchase and roughly $5 million in construction.
Located at 7840 Walerga Road, Danbury Park is approximately 15 miles north of Sacramento. Built in 1996, the property consists of 84 two- and 56 three-bedroom apartments. Upgrades to the community include new Energy Star appliances, an enhanced security system and new roofing.
CPP purchased the property in 2018 through an equity investment made by CPP’s parent company, WNC & Associates. The managing general partner is a subsidiary of nonprofit Foundation for Affordable Housing. Following the most recent investment, affordability at the community has been preserved for an additional 22 years.
CPP also announced an $8 million renovation at Royal Arms, a 144-unit property in Front Royal, Va., that the company recently acquired. Improvements are expected to be completed by the end of next year.