Community Preservation Partners has acquired the Witmer Manor workforce housing complex in Los Angeles for $48.4 million.
The complex at 1501 Miramar Street in the Westlake neighborhood consists of 142 studios and 96 one-bedroom units, according to a press release from CPP. The company plans to invest about $64,000 per unit in upgrades, bringing its total expenditure on the project to $65 million.
“With rising housing costs and increasing demand, securing and revitalizing properties like Witmer Manor is essential to maintaining long-term affordability,” Jack Aronson, senior vice president of acquisitions at CPP, said in a statement.
The seller was 21 Alpha Group, which bought the property in 2004 for $7.1 million, according to the county assessor’s portal.
The complex was originally built in 1930 and last renovated in 2005. It comprises eight three- or four-story buildings.
Planned upgrades include Americans with Disabilities Act compliance improvements, new roofing, energy-efficient windows, heat pumps, modernized kitchens, new flooring, updated bathrooms with modern fixtures, fresh paint, LED lights and energy-efficient appliances. Renovations are scheduled for completion in early 2026.
The Witmer Manor deal marks CPP’s 19th investment in Los Angeles County, following its recent purchase of Ramona Park in Baldwin Park.
All units at Witmer Manor will be income-restricted, serving families earning between 30 and 60 percent of the area median income, and will continue to operate under the Section 8 housing program.
California Tax Credit Allocation Committee allocated 4 percent low-income housing tax credits for the project and JPMorgan Chase provided financing through a Fannie Mae loan.
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