Waterford Property Company, in partnership with the California Statewide Communities Development Authority (CSCDA), has acquired a 386-unit multifamily property in Anaheim to convert into workforce housing. Property administrator Waterford led the acquisition efforts in partnership with CSCDA for $156 million to convert the 386 units to workforce housing as part of a new California program that aims to remedy a deepening gap in the middle-income housing market.
The project is part of a workforce housing finance program created last year by the CSCDA. Using tax-exempt bond financing, CSCDA can acquire multifamily projects without the use of public subsidies for moderate income households.
“With this acquisition, we will be able to lower rents to meet the needs of middle-income residents making between 80 and 120 percent of the area median income and help to house a workforce segment that continues to be priced out of the region,” said Jon Penkower, CSCDA managing director.
Parallel Apartments is located at 1105 E. Katella. Built in 2018, the multifamily community’s 386 units are currently 95.5 percent leased.
Waterford and CSCDA acquired the property from UDR. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented both the buyers and the sellers in this transaction.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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