Waterford Property Company in partnership with the California Statewide Communities Development Authority (CSCDA) recently acquired Altana, a 507-unit multifamily community located at 633 N. Central Ave. in Glendale, for $300 million. This is the largest multifamily transaction in California year-to-date, according to CoStar.

This transaction is also the largest community to date to be acquired as part of CSCDA’s middle income housing program and will be converted to essential housing. In partnership with CSCDA, Waterford has now acquired four multifamily communities since the start of the year as part of a workforce housing finance program created in 2020 by CSCDA.

Using tax-exempt bond financing, CSCDA can acquire multifamily projects without the use of public subsidies to provide much-needed housing for the middle-income workforce demographic. Upon taking ownership, Waterford and CSDA will be able to immediately lower rents for qualified new residents making between 80 and 120 percent of the area median income. Current tenants who qualify can participate in the program during lease renewals.