Historic Green Hotel Apartments in Old Pasadena Acquired by Community Preservation Partners

Community Preservation Partners (CPP) has acquired Green Hotel Apartments, a historic affordable senior housing complex in downtown Pasadena, and has announced plans to renovate the 139-unit property. 

Built in the 1890s, the property is listed on the National Register of Historic Places and is a Pasadena Historic Monument. Located at 50 E. Green Street, the seven-story building consists of studio and one-bedroom units. 

This marks CPP’s 15th community in the greater Los Angeles area and 41st in the state of California, a statement from CPP said. 

CPP’s total investment in the project is approximately $100 million, including the $54 million purchase price and an estimated $115,000 per unit renovation cost. The developer plans to modernize the building while preserving its historic charm.

“Green Hotel Apartments is a unique opportunity for CPP to renovate a historic property with modern systems while carefully restoring the exterior to its original historic charm and architectural integrity,” said Seth Gellis, CPP President.

The renovation plans include building envelope restoration, new flooring, countertops, appliances, and lighting. CPP will also upgrade ADA units and paths of travel, and install Wi-Fi throughout the complex.

A new community space featuring a theater, conference rooms, business center, multipurpose room, and library will be developed. Windows and air conditioning systems will be replaced to match the original building’s appearance, the statement said.

The property currently serves seniors earning between 30 and 60 percent of the area median income. CPP’s acquisition will extend the affordability of the units, which was set to expire in July 2035.

Under the new ownership, affordability will be renewed for at least 20 more years through a Section-8 Housing Assistance Payment contract and 55 years under a new California Tax Credit Regulatory Agreement.

Belinda Lee, Director of Development at CPP, said Green Hotel Apartments is currently at 100% occupation with a full waitlist.

As part of CPP’s community work, residents will be able to participate in on-site health, education, and employment services through a partnership with Project Access.

The project involves several partners, including the California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, California Municipal Finance Authority, U.S. Department of Housing and Urban Development, WNC & Associates, Citibank N.A., California Bank and Trust, Belveron, and Goldrich Kest.

CPP, established in 2004 by WNC & Associates, has acquired, developed, and rehabilitated more than 15,000 affordable multifamily and senior housing units nationwide, according to the statement.