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CPP Acquires Second El Cajon Affordable Complex
Community Preservation Partners (CPP) announced the acquisition and planned renovation of Lexington Green Apartments, an affordable housing complex in El Cajon, CPP partnered with co-developer The Hampstead Companies on the deal. This is the second community in El Cajon for CPP, joining Park Villa Apartments.
The property consists of 144 units, spread across 12 two-story residential buildings. CPP’s total development investment is approximately $80,000,000, including the purchase price of $52,880,000 and estimated renovation costs exceeding $80,000 per unit.
“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.”
- ◦Sale/Acquisition
