Community Preservation Partners (CPP), a non-profit organization dedicated to preserving affordable housing, has announced its latest project: the acquisition and renovation of Green Hotel Apartments in downtown Pasadena. This marks CPP’s 15th community in the greater Los Angeles area and their 41st development in California.
The historic Green Hotel Apartments, located at 50 E. Green St., was built in the late 1800s and is listed on both the National Register of Historic Places and as a Pasadena Historic Monument. With an estimated total investment of $100 million, including a purchase price of $54 million and an average renovation cost per unit of $115,000, CPP plans to carefully restore this property while incorporating modern systems.
According to CPP president Seth Gellis, “Green Hotel Apartments presents us with a unique opportunity to preserve this historic gem by blending its original charm with updated amenities for our senior residents.” As experts in affordable housing preservation for historical properties like this one, CPP is excited about adding another successful project to their portfolio.
