Seth Gellis, Belinda Lee & Philip Choi Of CPP Acquire 49-Unit Multifamily Complex In Baldwin Park For $23.3M

The asset involved in this transaction is Ramona Park, a 49-unit affordable housing complex located at 13870 Ramona Boulevard in Baldwin Park, California. The property was acquired for a total price of $23.3 million, equating to an impressive price per unit of $475,510. The development will undergo renovations costing $75,000 per unit, with renovations expected to be completed by late 2025.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $23,300,000
• Units: 49
• Price Per Unit: $475,510
• Buyer: Seth Gellis, Belinda Lee & Philip Choi - CPP (Community Preservation Partners)

The transaction was orchestrated by CPP (Community Preservation Partners), which plans to implement a $27 million project to extend affordability for 20 years, along with introducing modern upgrades, new amenities, and resident services to the property.