Baldwin Park Apartments Acquired by Affordable Housing Developer for $23.3 Million
Community Preservation Partners, an affordable housing preservation developer with offices in Irvine, announced the acquisition and planned renovation of Ramona Park, an affordable housing complex in Baldwin Park for $23.3 million. It plans to invest $75,000 per unit for renovations, which brings the total investment to $27 million for the 49-unit property.
'The renovations at Ramona Park reflect our ongoing commitment to preserving and enhancing affordable housing in Metro Los Angeles, where the need has never been greater. With more than 500,000 low-income households in the region struggling to find affordable rental options, it is critical that we invest in maintaining and modernizing these communities,' said Belinda Lee, vice president of development at CPP, in a statement.
This acquisition is the organization's fourth project in the Los Angeles area over the past year. Ramona Park is comprised of eight two-story, garden-style buildings with one-, two- and three-bedroom units.
Renovations include both interior and exterior cosmetic upgrades, such as windows, flooring, cabinets and countertops. It will also enhance the facility to add ADA-compliant units, and pathways will be enhanced to meet local accessibility requirements. New resident amenities will feature a picnic area, bike racks, a business center, social services and surveillance cameras.
Information for this article was sourced from Community Preservation Partners.
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