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CPP Acquires Historic Senior Complex in Pasadena, Plans Renovations
Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, announced the $54-million acquisition and planned renovation of Green Hotel Apartments, an affordable senior apartment complex in downtown Pasadena. This is CPP’s 15th community in the greater Los Angeles area and the 41st in the state.
Located at 50 E. Green St. and built in the 1890s, the 139-unit Green Hotel Apartments is listed on the National Register of Historic Places and is a Pasadena Historic Monument. CPP’s total development investment is approximately $100,000,000, which includes the $54-million purchase price and an estimated per unit renovation cost of $115,000.
“Green Hotel Apartments is a unique opportunity for CPP to renovate a historic property with modern systems while carefully restoring the exterior to its original historic charm and architectural integrity,” said CPP president Seth Gellis. “Our experience in historic affordable housing preservation provides us with an asset which we look forward to utilizing on Green Hotel.”
- ◦Sale/Acquisition
