IE Business Daily Business news for the Inland Empire.
A 44-unit affordable housing complex in Palm Springs has been sold.
Community Preservation Properties paid $11.2 million for Sunnyview Villa at 2950 N. Indian Canyon Road, according to a statement.
That property, near the West End Racquet & Health Club, consists of one and two-story buildings for people who earn between 30 and 50 percent of the area’s median income.
CPP, which buys and restores affordable housing properties, plans to spend about $9 million upgrading the 43-year-old complex. Those upgrades are expected to be finished by the end of this year.
Information regarding the seller was not disclosed.
CPP is also partnering with LifeSTEPS, a Claremont-based nonprofit that provides services to residents of affordable housing properties in California.
Since its founding in 2004, CPP – which has offices in Reston, Va. and Irvine – has restored more than 11,000 affordable multi-family and senior housing units nationwide, according to the company’s website.
