Community Preservation Partners has acquired Cameron Park Apartments in Los Angeles for $52 million. The firm plans to invest $10 million into the property to keep all units at below market rents for the next 55 years.
Cameron Park Apartments is a 158-unit apartment project. It is a 14-building multifamily property, a mix of one- to four-bedroom apartments, and will receive a multitude of upgrades to the property's interiors and exteriors, along with improvements to the common area facilities and a reconfiguration of the community building and office space. Construction began in October and is expected to conclude in summer 2020.
CPP was supported on the acquisition of Cameron Park Apartments by Foundation for Affordable Housing, Inc., the nonprofit managing general partner for the deal. Other equity and development partners include Citi Community Capital and CPP parent company WNC & Associates.
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