BAKERSFIELD, CA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, in partnership with Bettencourt Properties and The Beneficial Housing Foundation, announced the acquisition and plotted renovation of Sundance Apartments, an affordable housing complex in Bakersfield, Calif. This is the first community in Bakersfield for CPP.
Sundance Apartments is located at 6000 White Lane in the Spice Tract neighborhood of Bakersfield. The convenient location allows residents simple access to multiple bus stops, as well as a nearby grocery store, shopping center and restaurants. Originally built in 1981, the property has not received any substantial rehabilitations. The property is comprised of 10, two-tale buildings and an additional single-tale building which contains the community room, laundry room, and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP s total development investment is approximately $32.5M, which includes the buy price of $20M and estimated renovation costs of approximately $80,000 per unit.
Bakersfield, like many cities in California, is experiencing an affordable housing crisis. In fact, studies indicate that nearly one-third of Bakersfield residents are spending more than 30% of their income on housing, said Belinda Lee, Director of Development at CPP. The preservation of Sundance Apartments 60 affordable units will play a part in helping to ensure that the Bakersfield affordable housing supply is maintained for years to come.
Sundance Apartments will receive significant renovations aimed at improving the property s energy efficiency and modernization. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades include the modernization of bath and kitchen surrounds and fixtures, and replacement of unit flooring. Exterior improvements include roofing replacement, repairs to the property s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property s community room.
By preserving 60 affordable units and investing in significant upgrades, we aim to ensure that these homes remain safe, energy-efficient, and sustainable for years to come. Our partnership with Bettencourt Properties and The Beneficial Housing Foundation underscores our shared commitment to providing quality, affordable housing to the communities that need it most, said Alexis Castillo, Assistant Development Manager at CPP.
CPP is partnering with LifeSTEPS to provide on-site adult education, health and wellness, and skill-building classes and services to residents.
Renovations are expected to be complete by the end of 2025. The property s affordability was set to expire in 2027, but with CPP s involvement, the Section-8 Housing Help Payment (HAP) contract will be renewed for 20 years. Additionally, the property will encumber a new Land Use Restrictive Agreement (LURA) to ensure affordability for 55 years. All units will be income restricted to family households at 60% or below Area Median Income (AMI).
Additional partners on the project include the California Tax Credit Allocation Committee (CTCAC), who issued and allocated 9% LIHTC. WNC & Associates serves as the equity partner. Banner Bank is providing construction financing, while Key Bank serves as the permanent lender, using a Freddie Mac product.

Powered by WPeMatico

DALLAS, TX – Knightvest Capital, a vertically integrated multifamily investment firm, announced the acquisition of the SKYE of Turtle Creek apartment community in Dallas, Texas. This successful acquisition represents the sixth investment in Knightvest’s Fund II.
Built in 1998, the 331-unit high-rise is located in the prolific submarket of Uptown Dallas, an area where Knightvest has direct experience. Knightvest will leverage its construction, management, and operational experience to seamlessly integrate the community into its portfolio. With the property largely in its original condition, Knightvest plans to renovate a considerable part of the units and make significant updates to the exterior and common areas. These improvements will position Skye to compete with new luxury developments in the area while maintaining a compelling price advantage. As part of the renovation efforts, Knightvest has renamed the community to Remi.
“Given our knowledge and success in the submarket, we have a clear path to enhanced performance and revenue, leading to significant value creation potential with the acquisition of Skye,” said David Moore, Knightvest founder and CEO. “With a buy price significantly below replacement cost, this acquisition perfectly aligns with our strategy, and we’re excited about our momentum in Fund II.”
With direct access to the Katy Trail, a walkable neighborhood boasting over 200 restaurants, and close proximity to vibrant areas like Victory Park, Downtown Dallas, and the Harwood District, the apartment community offers the best of urban living. Following Knightvest’s plotted renovations, the modernized interiors and enhanced common areas will position the community as a top-tier living destination in the area.

Powered by WPeMatico

VANCOUVER, WA – Hamilton Zanze, a leading San Francisco-based multifamily real estate investment firm, announced it has sponsored the buy of Arnada Pointe, a 200-home garden-style apartment community in Vancouver, Wash.
Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property, which is situated 11 miles north of Portland, Ore., on the north bank of the Columbia River. The river treads the Washington and Oregon state lines and is the largest in the Pacific Northwest.
“We are excited about the sponsored acquisition of Arnada Pointe, as it represents an opportunity to buy an asset at a significant discount to replacement costs with long-term upside potential,” said David Nelson, president and chief investment officer at Hamilton Zanze. “Vancouver has been the fastest-growing city in the Pacific Northwest, with strong population growth and apartment demand. We believe Arnada Pointe is well-positioned to capture future rent growth as supply slows down over the next 12 to 18 months.”
Located at 4820 Hazel Dell Avenue, Arnada Pointe was built in 2005 and offers one-, two- and three-bedroom apartment homes. Homes range in size from 700 to 1,188 square feet and include in-home washers and dryers, spacious closets, vinyl flooring and private patios or balconies. Common-area amenities at the pet-friendly community include a resident clubhouse, outdoor swimming pool, playground, barbecue/picnic areas and a 24-hour fitness center.
Located just west of key thoroughfare Interstate 5 and adjacent to a local bus line, Arnada Pointe enables residents to easily connect to the thriving employment markets of Fruit Valley and the greater Portland area. Residents are also within a quick commute to Downtown Vancouver and its variety of dining, retail and entertainment options. Additionally, the community is surrounded by an array of recreational outlets, including Vancouver Lake, Leverich Park and Kiggins Bowl.

Powered by WPeMatico