Rehab Complete on 90-Year-Old LA Units
Community Preservation Partners spent $11.9 million on The Curtis Johnson Apartments, a six-building portfolio in the Vermont Harbor neighborhood that the company renovated.
Community Preservation Partners has revitalized The Curtis Johnson Apartments, a 48-unit property for low-income families in the Vermont Harbor neighborhood of Los Angeles. Out of the total $11.9 million rehabilitation, the company spent $4.5 million to purchase the asset from a private developer and $4.3 million on construction costs.
(Earlier this month, Community Preservation Partners completed the $35.6 million rehabilitation of Danbury Park Apartments in Antelope, Calif.)
Scattered across six different buildings on 39th, 41st, 42nd and 47th Streets as well as Vernon Avenue, the portfolio encompasses 17 studios, 18 one- and 13 two-bedroom units, all built between 1915 and 1927. Upgrades included replacing the roofing and windows, installing energy-efficient light fixtures and appliances, new kitchen cabinets, bathroom vanities and flooring, improving the landscaping and irrigation systems and applying fresh paint within units and all exteriors.
Citibank provided funding for the construction with support from general contractor MFRG-ICON and Irwin Partners Architects. In addition, CPP’s parent company—WNC & Associates—made tax credit investments. The owner extended the affordability of the homes until 2073. Nonprofit Foundation for Affordable Housing serves as managing general partner.