Community Preservation Partners (CPP) has purchased the Cameron Park Apartments in West Covina, Calif., for $52 million. The acquisition deal includes nearly $10 million in renovations, plus measures to keep all 158 units at below-market levels for the next 55 years.
Cameron Park Apartments was built in 1970 and received a light renovation in 2002. The 14-building multifamily property — a mix of one- to four-bedroom apartments — will receive a multitude of upgrades to the property’s interiors and exteriors, along with improvements to the common area facilities and a reconfiguration of the community building and office space. Construction began in October and is expected to conclude in summer 2020.
“Whether in West Covina, or at any of our more than 50 communities across the country, one standard facet of our business model is the improvement of residential structures — making them more presentable, functional and livable,†said Anand Kannan, CPP president.Â
