Los Angeles Affordable Housing Complex Acquired for $48.4 Million

Community Preservation Partners (CPP) acquired Witmer Manor, a 238-unit apartment complex located at 1501 Miramar St. in the Westlake neighborhood of Los Angeles for $48.4 million, or $203,000 per unit. It is the 19th investment in Los Angeles for the affordable housing owner and developer since its founding in 2004.

“At CPP, our mission is to preserve and enhance affordable housing communities that serve individuals and families who need it most,” said Belinda Lee, vice president of development at CPP, in a statement. “With the planned renovations, we are ensuring that residents not only have access to safe and stable housing but also modern, energy-efficient homes.”

The property is comprised of eight, three- to four-story buildings with 142 studios and 96 one-bedroom units. It was originally built in 1930 and renovated in 2005. CPP expects to spend $65,000 per unit in renovations, which will bring its total investment to $64 million.

Information for this article was sourced from Community Preservation Partners.