Waterford and CSCDA Scoop Up Multifamily for Affordability Program
Property administrator Waterford Property Company in partnership with the California Statewide Communities Development Authority (CSCDA), a joint powers authority, recently acquired two Pasadena multifamily communities. These acquisitions will provide housing affordability as part of an innovative workforce housing finance program created in 2020 by CSCDA.
Residences at Westgate, a 340-unit class-A multifamily property located at 31 S. DeLacey Ave., was acquired for $237 million. The Hudson, a 173-unit class-A multifamily property located at 678 E. Walnut Street, was acquired for $98.1 million for a total consideration of $335.100 million for both properties.
Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented both parties in the transaction for the Residences at Westgate. Blake Rogers, Hunter Combs, Alexandra Caniglia and Javier Rivera from Walker & Dunlop represented both parties for The Hudson transaction.
Since the start of the year, Waterford and CSCDA have acquired six multifamily communities in Southern California, totaling 2,022 units of housing and more than $1 billion of acquisition value as part of this essential housing program. Using tax-exempt bond financing, CSCDA can acquire multifamily projects providing much-needed housing for the middle-income workforce demographic.
Upon taking ownership, Waterford and CSDA are able to immediately lower rents for qualified new residents making between 80 and 120 percent of the area median income. The city of Pasadena voted to participate in the CSCDA program in a unanimous 9 to 0 vote, underscoring the council’s approval of the program as an opportunity to provide housing affordability within its city limits.