By Angela Gonzales | Phoenix Business Journal
A California company has entered the Phoenix market with plans to bring affordable apartments to different areas of the Valley.
Community Preservation Partners is investing $51 million to buy and upgrade three apartment communities in Buckeye, Tempe and Phoenix totaling 170 units and is under contract to buy another 150-unit apartment community in Glendale, said Karen Buckland, vice president of development for the Irvine, California-based firm.
Facing ever-changing regulations in California since its founding in 2004, CPP has been looking for ways to expand outside of the state, and now is in 14 other states.
“We would love to keep doing deals in Arizona, that’s for sure,” Buckland said.
While the company typically buys existing units and renovates them, Buckland said the company also will focus on new construction of affordable housing units.
“Preservation of existing affordable housing is as important as creating new affordable structures,” she said. “A lot of these existing affordable complexes are getting turned to market rate buyers. Our goal has been to preserve and extend the affordability on these communities.”
She is seeing a huge need for affordable housing units in metro Phoenix, making this a perfect market for the company’s expansion.
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