PASADENA, Calif. — Community Preservation Partners (CPP) has acquired Green Hotel Apartments, an affordable seniors housing complex in downtown Pasadena, a suburb of Los Angeles. This is the 15th community in the greater Los Angeles area for CPP and the 41st in the state.
Built in the 1890s, Green Hotel Apartments is listed on the National Register of Historic Places and is a Pasadena Historic Monument. The 139-unit property is a seven-story mix of studio and one-bedroom units serving seniors earning between 30 and 60 percent of the area median income (AMI).
CPP’s total investment is approximately $100 million, which includes the purchase price of $54 million 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,” says Seth Gellis, president at CPP.
The property’s affordability was set to expire in July 2035. Affordability will be deepened and renewed for at least 20 more years under a renewed Section 8 Housing Assistance Payment (HAP) contract and 55 years under the new California Tax Credit Regulatory Agreement that will be implemented post-renovation.
“Green Hotel Apartments is currently at 100% occupation with a full waitlist, reflecting the high demand for affordable senior housing options in the area,” says Belinda Lee, director of development at CPP.
Partners on the project include the California Tax Credit Allocation Committee (CTCAC) and California Debt Limit Allocation Committee, which issued 4 percent tax credits and bonds, California Municipal Finance Authority, U.S. Department of Housing and Urban Development (HUD), WNC and Associates, Citibank N.A., California Bank and Trust, Belveron, and Goldrich Kest.