Community Preservation Partners (CCP), an affordable housing preservation developer, has announced its acquisition and planned renovation of Lexington Green Apartments, an affordable housing complex in El Cajon, Calif.
CPP’s total development investment is approximately $80 million, which includes the purchase price of $52.8 million and estimated renovation costs exceeding $80,000 per unit for the 144-unit complex.
CPP partnered with co-developer The Hampstead Companies on the deal, which is the organization’s second community in the San Diego suburb. Originally built in 1970, Lexington Green Apartments is spread across 12 two-story residential buildings. The property last underwent a tax credit renovation in 2007, and the new upgrades renovation will exceed the 10% energy savings requirement from the California Tax Credit Allocation Committee through the replacement of all windows with energy efficient vinyl retrofit windows, water heaters, Energy Star appliances, and energy efficient LED light fixtures.
“Lexington Green Apartments aligns with one of CPP’s core philosophies of strengthening cornerstone communities in the neighborhood while extending the affordability of the community,” said Evan Cramer, assistant development manager at CPP. “We hope to accentuate the feeling of pride that Lexington Green’s residents have for their community while providing the physical upgrades necessary to ensure the property remains a prominent piece of the community for many years to come.”
0 Comments