BAKERSFIELD, CALIF. — Community Preservation Partners (CPP), in partnership with Bettencourt Properties and The Beneficial Housing Foundation, has acquired Sundance Apartments, an affordable housing complex in Bakersfield, with plans to renovate the asset. Located at 6000 White Lane in Bakersfield’s Spice Tract neighborhood, Sundance Apartments was originally built in 1981 and comprises 10 two-story buildings and a single-story building with a community room, laundry room and leasing office.
Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP’s total development investment is approximately $32.5 million, which includes the purchase price of $20 million and estimated renovation costs of approximately $80,000 per unit.
The property will receive significant renovations to improve energy efficiency and modernizations. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades will include the modernization of bath and kitchen surrounds and fixtures and replacement of unit flooring. Exterior improvements will include roofing replacement, repairs to the property’s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property’s community room.
CPP is partnering with LifeSTEPS to provide onsite adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be completed by the end of 2025. The property’s affordability was set to expire in 2027, but with CPP’s involvement, the Section 8 Housing Assistance Payment (HAP) contract will be renewed for 20 years. The property will also encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 55 years. All units will be income restricted to family households at 60 percent or below the area median income.
Additional partners on the project include the California Tax Credit Allocation Committee, which issued and allocated 9 percent Low-Income Housing Tax Credits, and WNC & Associates is serving as equity partner. Banner Bank is providing construction financing, while KeyBank serves as the permanent lender, using a Freddie Mac product.