Multifamily to Fill Affordability Void for Missing Middle-Income Residents

Waterford Property Company in partnership with California Statewide Community Development Authority (CSCDA) recently acquired two multifamily properties in Orange, CA totaling 356 units. The Orange City Council voted 7 to 0 to approve the acquisitions last month.

The acquisitions include Cameo, a 262-unit multifamily community located at 1055 W. Town and Country Rd., for $149 million. and Garrison, a 94-unit multifamily community located at 1725 West Katella Ave. for $57 million. These communities will provide housing affordability to the state’s “missing middle income” demographic which is comprised of households earning between $56,000 and $134,000.

Upon taking ownership, Waterford, as administrator, and CSDA will immediately lower rents for qualified new residents making between 60 to 120 percent of the area median income (AMI). Waterford anticipates average rental savings of 12 percent for qualified tenants leasing at these Orange properties.

“California has a housing crisis. Our nurses, teachers, librarians, first responders and civil servants earn too much to qualify for traditional affordable housing yet not enough to live in the communities they serve. This negatively impacts the state’s economy and leads to increased congestion, crime, pollution, poor student performance and social unrest,” said Sean Rawson, co-founder, Waterford.