Saturday , June 22 2024
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Palm Springs affordable housing complex sold

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.

 

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