C
ommunity Preservation Partners has made a significant investment in the Westlake neighborhood of Los Angeles, acquiring Witmer Manor for $48.4 million. This workforce housing complex will remain committed to providing affordable living options, with all units continuing to be income-restricted.

    A substantial upgrade plan is underway, with an estimated $64,000 per unit allocated for renovations. The total investment in the project will reach approximately $65 million. According to Jack Aronson, senior vice president of acquisitions at CPP, "Securing and revitalizing properties like Witmer Manor is crucial in maintaining long-term affordability amidst rising housing costs and increasing demand."

    The complex, originally built in 1930 and last renovated in 2005, comprises eight three- or four-story buildings. Upgrades will include Americans with Disabilities Act compliance improvements, new roofing, energy-efficient windows, heat pumps, modernized kitchens, and updated bathrooms.

    This acquisition marks CPP's 19th investment in Los Angeles County, following its recent purchase of Ramona Park in Baldwin Park. The Witmer Manor deal is set to be completed by early 2026, with renovations scheduled to begin shortly. California Tax Credit Allocation Committee has allocated 4 percent low-income housing tax credits for the project, and JPMorgan Chase provided financing through a Fannie Mae loan.