Palmdale Park

PALMDALE, CALIFORNIA

Goal: Revitalize and reinvigorate an aging Section 8 apartment community through a comprehensive renovation, ensuring this vital resource remains preserved as long-term affordable housing.

Palmdale Park Apartments is an existing property acquired by CDP in partnership with BLVD Capital. Located in Los Angeles County, the development was built in the 1970s and consists of 58-units across 11 two-story residential buildings surrounding a large, central courtyard. A 12th building contains a management office, laundry room, and large previously underused community room, redesigned to encourage resident use. The property serves low-income families earning less than 60% of the area’s median income.

Upgrades completed in 2019 were made to improve energy efficiency, security, and living conditions, exteriors were repainted, and the landscaping extensively enhanced. Interiors were remodeled to bring units up to modern standards, including new cabinets, countertops, lighting, painting, flooring, and energy-efficient appliances. A picnic and BBQ area have been added as well as a large play area.

DEVELOPMENT

The project financing includes tax-exempt bonds allocated by CDLAC and issued by CSCDA, financed by a Freddie Mac TEL execution, and equity from the sale of non-competitive 4% LIHTC allocated by CTCAC. All units receive project-based rental assistance with Section 8 HAP contracts.

DATA
  • Completion Date: 2019
  • Total Development Cost: $13.8M
  • Affordability: 50% - 60% AMI
  • Total Units: 58
  • Unit Mix: 42 2BD, 16 3BD
TEAM
  • Developer: CDP
  • Architect: Ground Floor Design
  • Contractor: Katerra
  • Property Management: Solari