Community Preservation Partners Acquires Witmer Manor for Affordable Housing Redevelopment
In a significant move to enhance affordable housing in Los Angeles County, Community Preservation Partners (CPP), based in Irvine, California, has acquired Witmer Manor, a 239-unit housing complex located at 1501 Miramar Street in the Westlake neighborhood, just east of Downtown L.A. This acquisition, at a purchase price of $48.8 million, continues CPP’s trend of redeveloping properties in the area, a response to the ongoing housing crisis.
Property Acquisition Details
Previously owned by 21 Alpha Group, which purchased the property for only $7.1 million in 2004, Witmer Manor was initially built in 1930 and last underwent upgrades in 2005. CPP’s investment marks a considerable increase in the property’s market value and reflects the escalating costs of real estate in Los Angeles.
Renovation Plans and Investments
Alongside the acquisition, CPP plans a comprehensive renovation initiative with an estimated budget of $15.6 million, translating to approximately $65,000 per unit. This brings CPP’s total financial commitment for the project to around $64 million.
“With rising housing costs and increasing demand, securing and revitalizing properties like Witmer Manor is essential to maintaining long-term affordability for the community,” said Jack Aronson, CPP’s senior vice president of acquisitions.
Scope of Renovations
The planned renovations at Witmer Manor aim to modernize and enhance living conditions for residents, featuring:
- New roofing and windows
- Installation of heat pumps
- Updated flooring and lighting (both interior and exterior)
- Repairs to drywall and vanities
- Modernization of kitchen and bathroom facilities
- Fresh paint throughout the complex
- Extensive ADA upgrades for accessibility
The renovation effort is poised to conclude by early 2026, with all units designated for households that earn between 30% and 60% of the area median income.
Funding and Financial Support
To facilitate this acquisition, the California Tax Credit Allocation Committee has granted CPP 4 percent Low-Income Housing Tax Credit financing. Additionally, J.P. Morgan Chase has provided a Fannie Mae construction loan to support the renovation efforts, although the exact amount of the loan remains undisclosed.
“With the planned renovations at Witmer Manor, we are ensuring that residents not only have access to safe and stable housing, but also modern, energy-efficient homes that enhance their quality of life,” said Belinda Lee, CPP’s vice president of development.
Recent Achievements in Affordable Housing
Witmer Manor is the latest addition to a series of recent acquisitions by CPP in the Los Angeles Basin. Other notable projects include:
- Ramona Park, a 49-unit complex purchased for $23.3 million in Baldwin Park.
- Normandie Villas, a 25-unit property in the Adams Normandie neighborhood.
- MCA III, a 20-unit complex in Crenshaw.
As affordable housing continues to be a pressing issue in Los Angeles, CPP remains committed to revitalizing existing properties while ensuring they remain accessible to the community.