ANAHEIM, Calif. — Community Preservation Partners (CPP), in a joint venture with Jamboree Housing, has acquired Miracle Terrace Apartments, a 179-unit affordable seniors housing community in the Los Angeles suburb of Anaheim, for $53.5 million.
A private owner sold the property. As part of the transaction, the Anaheim Housing Authority will help keep rents below market level.
Irvine-based CPP plans to invest $7.4 million in renovations to the property, including new air conditioning units, energy-efficient appliances, water conservation upgrades, improvements to the façade, amenity improvements, and new countertops, cabinets and flooring.
Jamboree Housing will provide wellness and mobility services, as well as coordinate services and offer community events.