Affordable developer teams up to buy Torrance senior housing complex

Community Preservation Partners and Jonathan Rose Companies paid $74M for 180-unit Golden West Tower; extensive renovations planned

Los Angeles /
Feb.February 26, 2020 09:00 AM
From left: Community Preservation Partners President Anand Kannan and Jonathan Rose Companies founder: Jonathan F.P. Rose, with the Golden West Tower Apartments (Credit: Google Maps and iStock)
From left: Community Preservation Partners President Anand Kannan and Jonathan Rose Companies founder: Jonathan F.P. Rose, with the Golden West Tower Apartments (Credit: Google Maps and iStock)

Affordable housing developer Community Preservation Partners and an investment firm acquired a 180-unit senior housing apartment complex in Torrance. The joint venture will pour millions into renovations, and long-term plans will include converting the subsidized development to market-rate.

Community Preservation Partners and Jonathan Rose Companies paid $74 million for the Golden West Tower Apartments, and will invest an additional $10 million into renovating the 47-year-old complex, according to a CPP news release. The deal will keep Golden West listed as affordable for 55 more years before it will be converted to market-rate units, according to the release.

Irvine-based CPP and New York-based Jonathan Rose will spend a total of $105 million on the deal, which will include $20 million for “soft costs” and the $10 million for renovations. The deal for the complex at 3510 Maricopa Street — comprised of subsidized senior and family housing — was completed earlier this month.

The seller was the nonprofit Newport Beach-based Affordable Housing Access.

In the release, CPP president Anand Kannan said “the housing crisis has taken its toll throughout California and especially in the Southland. This commitment to the residents of Golden West Tower Apartments, like the dozens of other affordable housing communities we’ve revitalized and preserved in Southern California, is a step in the right direction.”

In September, CPP — through its parent company WNC & Associates — paid $53 million for the 158-unit Cameron Park Apartments, an affordable housing complex in West Covina.

CPP has acquired, developed and rehabbed more than 7,200 affordable multifamily and senior housing units across the country, according to its website.


Related Articles

arrow_forward_ios
Harry Sidhu, Mayor of Anaheim (Getty Images)
Feds probe Anaheim mayor over Angel Stadium sale
Feds probe Anaheim mayor over Angel Stadium sale
Anaheim Angels owner Arte Moreno and rendering of new stadium site (SRB Management, Getty Images)
City cuts new affordable housing deal with Moreno on Angel Stadium sale
City cuts new affordable housing deal with Moreno on Angel Stadium sale
Mayor Eric Garcetti and LA County General Hospital at 1200 State Street (Getty)
LA County looks at redeveloping historic General Hospital
LA County looks at redeveloping historic General Hospital
Anaheim mayor Harry Sidhu and theTampico Motel at 120 South State College Street (Getty, LoopNet)
Anaheim buys blighted motel to create affordable housing
Anaheim buys blighted motel to create affordable housing
Molina Wu Network's John Molina and Community Hospital Long Beach at 1720 Termino Avenue (Facebook, City of Longbeach)
State demands closed Long Beach hospital be offered to affordable housing builders
State demands closed Long Beach hospital be offered to affordable housing builders
From left: Harry Sidhu, mayor of Anaheim; Art Moreno, owner, Los Angeles Angels; Rob Bonta, state attorney general (Getty Images, City of Anaheim, iStock)
Anaheim clears way for stadium sale with $123M for affordable housing
Anaheim clears way for stadium sale with $123M for affordable housing
3377 West Olympic Blvd (Google Maps)
K-Town developer proposes 7-story apartment complex
K-Town developer proposes 7-story apartment complex
Kacy Keys and the proposed site on the corner of Crenshaw Boulevard and West 54th Street (Loopnet, Praxis Development Group)
Praxis Development proposes 48-unit apartment building in Crenshaw district
Praxis Development proposes 48-unit apartment building in Crenshaw district
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...