Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has acquired Sunnyview Villa in Palm Springs, a community of one- and two-story buildings reserved for residents earning between 30% and 60% AMI. CPP’s renovation and investment will renew the property’s affordability status for an additional 55 years.
Located at 2950 N. Indian Canyon Rd. in North Palm Springs, the 44 units at Sunnyview Villa will undergo extensive renovations to improve residents’ quality of life. CPP is partnering with LifeSTEPS to create a program for residents’ health and wellness. Services include effective educational and supportive services designed to maximize resident strengths and build resilient communities.
“The value that LifeSTEPS brings is a big part of the community’s renovation,” said Karen Buckland, VP of development at CPP. “We have worked with the organization in the past and they have proven to be integral in setting up an important support system for residents.”
CPP’s total development investment is expected to be approximately $20.7 million, with a purchase price of $11.25 million and an expected renovation investment of approximately $89,000 per unit. Renovations are expected to be completed in December.
Otto Ozen of the Mogharebi Group arranged the sale to CPP.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).