PALM SPRINGS, CALIF. — Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, has purchased Sunnyview Villa, a multifamily property in Palm Springs.
Located at 2950 N. Indian Canyon Road, the community features one- and two-story buildings offering a total of 44 residential units reserved for residents earning between 30 percent and 60 percent area median income.
CPP plans to implement an extensive renovation program at the property. The company’s total development investment is approximately $20.7 million, including the purchase price of $11.2 million and an expected renovation investment of $89,000 per unit. Renovations are slated for completion by December. CPP’s renovation and investment will renew the property’s affordability status for an additional 55 years.
Renovations will include the installation of new kitchen cabinets and countertops, vinyl flooring, Energy Star appliances and energy-efficient lighting. Exterior renovations will include new roofing, energy efficient lighting in common areas and painting of all structures. Additionally, CPP will upgrade the ADA path of travel to be compliant.
Common-area upgrades will include the addition of a computer room, security video surveillance, in-unit wireless internet, a social coordinator and transportation options. CPP is partnering with LIfeSTEPS to create a program for residents’ health and wellness.
Development partners include WNC & Associates, which is providing 4 percent tax credit equity, bond issuer California Municipal Finance Authority and Red Stone Equity Partners.