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CPP Adds Two Affordable Properties in South-Central LA
Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has acquired two Los Angeles apartment properties with plans to preserve affordability at both. They include Normandie Villas in LA’s Adams Normandie neighborhood and MCA III Apartments near the Baldwin Hills and Crenshaw neighborhoods. They represent the sixth and seventh communities in the greater LA region for CPP.
For Normandie Villas, CPP’s total development investment is approximately $20.6 million, which includes the purchase price of $11.5 million. For MCA III, CPP is investing $13.1 million, including the $7.25-million purchase price. Between them, the two properties will maintain 45 affordable units.
Renovations at both south-central LA properties are expected to be completed by June 2025. The Section-8 Housing Assistance Payment (HAP) contracts at both properties have been renewed through 2024 under their new ownership. Units will be set to 30%, 40%, 50%, or 60% of Area Median Income.
- ◦Sale/Acquisition
