Community Preservation Partners Acquires Green Hotel Apartments in Pasadena from Goldrich Kest

Community Preservation Partners acquired Green Hotel Apartments, a 139-unit senior housing community in Pasadena for $54 million from Goldrich Kest. The property has income- and age-restricted units and was fully leased at the time of sale. It serves seniors earning between 30 and 60 percent of the area median income. Partners in the project include the California Tax Credit Allocation Committee and California Debt Limit Allocation Committee, which issued bonds. Other partners include the California Municipal Finance Authority, the U.S. Department of Housing and Urban Development, WNC and Associates, Citibank, California Bank and Trust, Belveron and Goldrich Kest.

As part of the transaction, the property’s affordability, previously set to expire in July 2035, will be extended. The agreement includes a 20-year renewal under a new Section 8 Housing Assistance Payment contract and a 55-year extension through the upcoming California Tax Credit Regulatory Agreement, which will begin after renovations are completed.

The new owner plans a major overhaul of the property, which is expected to cost $115,000 per unit. The building is listed on the National Register of Historic Places and designated as a Pasadena Historic Monument, so interior upgrades will be done to modernize the building’s systems while restoring the exterior to maintain the original architecture.

“Our experience in historic affordable housing preservation provides us with an asset which we look forward to utilizing on Green Hotel,” said Seth Gellis, president at Community Preservation Partners, in a statement.