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Adding 256 units to its development and partnership portfolio, Community Preservation Partners (CPP) announced a $10 million purchase of five communities in Imperial County, Calif.
In August, CPP will facilitate the rehabilitation project in partnership with Bettencourt Properties and White Cap Coastal, including $17 million in construction and soft costs, to be completed by December 2020. Its parent company, WNC & Associates, serves as the equity investor.
The deal includes one senior property, Calexico Senior Apartments, as well as four multifamily communities: Imperial Gardens, Citrus Pointe, Chestnut Village and Seeley Valley Apartments, located in Calexico, Brawley, Holtville and Seeley, respectively.
“These apartments were built between 1984 and 19
