LOS ANGELES, April 24, 2025 (GLOBE NEWSWIRE) — CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition and planned renovation of Witmer Manor, an affordable housing complex in Los Angeles. This comes on the heels of CPP’s recent acquisition of Ramona Park in Baldwin Park and marks CPP’s 19th investment in Los Angeles County.
Witmer Manor is located at 1501 Miramar Street in Westlake, one of the most densely populated neighborhoods of Los Angeles. Designed to serve the community’s workforce, the property is comprised of eight, three- to four-story, elevator-served buildings containing 142 studio and 96 one-bedroom units. Common area amenities include a laundry room and an on-site property management office. Originally built in 1930, the property was most recently renovated in 2005. CPP’s total development investment is approximately $64M, which includes the purchase price of $48.4M and estimated renovation costs of approximately $65,000 per unit.
“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. “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.”
Witmer Manor is set to receive a series of renovations designed to enhance both its aesthetic appeal and modern functionality. Extensive ADA upgrades will be completed ensuring accessibility and safety for all residents. Exterior upgrades will include a refreshed façade with new roofing, energy-efficient windows, upgraded heat pumps and LED lighting to improve sustainability and curb appeal. Inside, each unit will undergo a refresh, featuring stylish kitchen updates, new vanities, new flooring, LED interior lighting, fresh paint and essential drywall repairs. Bathrooms will be upgraded with modern fixtures and replacements, while energy-efficient appliances and new blinds will further elevate comfort and efficiency.
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness and skill-building classes and services to residents.
“The acquisition of Witmer Manor is a significant step in our ongoing efforts to preserve much-needed affordable housing in Los Angeles,” said Jack Aronson, Senior Vice President – Acquisitions at CPP. “With rising housing costs and increasing demand, securing and revitalizing properties like Witmer Manor is essential to maintaining long-term affordability for the community. We are proud to partner with key stakeholders to bring this project to life and strengthen the Westlake neighborhood.”
Renovations are expected to be completed in early 2026. Dedicated to serving residents through the Section 8 program, all units will be income restricted to family households earning between 30% and 60% of the Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 4% LIHTC. WNC & Associates serves as the equity partner. JP Morgan Chase is providing construction financing and serves as the permanent lender, using a Fannie Mae product.
About Community Preservation Partners
In 2004, Community Preservation Partners was established by their parent company, WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed and rehabilitated more than 15,000 affordable multifamily and senior housing units nationwide. From the very beginning, they’ve done things differently. As more than a consultant or an investor, CPP is a true partner in every sense. By joining leading nonprofits and strategic partners, they can provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities. Creativity, Performance and Purpose are their core values and embody everything they do. Together, they define A Different Way to Home for their excellent employees, partners and communities. To learn more, visit: https://www.cpp-housing.com/.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9c100388-a2c7-4aa8-9340-9cbd6580964c