Community Preservation Partners (CPP), a developer focused on preserving affordable housing, has announced its acquisition and planned renovation of the Green Hotel Apartments, an affordable senior housing complex (62+) located in downtown Pasadena, California. This project marks CPP’s 15th community in the greater Los Angeles area and its 41st in the state.
Built in the 1890s, the Green Hotel Apartments is listed on the National Register of Historic Places and is recognized as a Pasadena Historic Monument. Situated at 50 E. Green Street, the seven-story building has 139 units, including studios and one-bedroom apartments, for seniors earning between 30% and 60% of the area median income (AMI). CPP’s total investment for the project is around $100 million, which includes the $54 million purchase price and an estimated renovation cost of $115,000 per unit.
“Green Hotel Apartments offers a unique chance for CPP to modernize a historic property while preserving its original charm and architectural integrity,” said Seth Gellis, President of CPP. “Our experience with historic affordable housing will be instrumental in this renovation.”
The planned renovations will restore the building’s envelope, update flooring, countertops, appliances, and lighting, and improve ADA units and accessibility. Wi-Fi will be installed throughout the apartments. CPP also plans to add community spaces, including a theater, conference rooms, a business center, a multipurpose room, and a library. The new windows and air conditioning systems will be designed to match the building’s original appearance.
Residents of the Green Hotel Apartments will benefit from on-site health, education, and employment services through a partnership with Project Access.
The property’s affordability was set to end in July 2035, but it will now be extended for at least 20 more years under a renewed Section 8 Housing Assistance Payment (HAP) contract and for 55 years under the new California Tax Credit Regulatory Agreement after renovation.
“Green Hotel Apartments is fully occupied with a waiting list, demonstrating the strong need for affordable senior housing in the area,” said Belinda Lee, Director of Development at CPP. “We are excited to preserve this historic landmark and offer valuable housing in Old Pasadena.”
Project partners include the California Tax Credit Allocation Committee (CTCAC), the California Debt Limit Allocation Committee, California Municipal Finance Authority, the U.S. Department of Housing and Urban Development (HUD), WNC and Associates, Citibank N.A., California Bank and Trust, Belveron, and Goldrich Kest.
