Waterford Anticipates Rent Savings of 24.5% for Qualified Renters

Waterford Property Company in partnership with California Statewide Community Development Authority (CSCDA) recently acquired 1818 Platinum Triangle for $127.26 million. The 265-unit apartment community is located at 1818 S. State College Blvd. in the Anaheim Platinum Triangle.

With this acquisition, Waterford continues to build its leadership in essential housing. The Anaheim City Council voted 7 to 0 to approve the acquisition during its meeting last month.

This transaction marks Waterford’s third community acquired in Anaheim with CSCDA. Waterford now has nine communities it has converted from market rate to essential housing, bringing its portfolio to 2,643 units and more than $1.6 billion of tax-exempt bond issuances.

Upon taking ownership of 1818, Waterford as administrator and CSDA will immediately lower rents for qualified new residents making between 60 to 120 percent of the area median income under CSCDA’s middle-income housing program. Waterford anticipates average rental savings of 24.5 percent for qualified tenants. Additionally, annual rent increases would be capped at no more than 4 percent. Existing tenants who do not meet the income restrictions are allowed to remain in place until they elect to move.

“This innovative financing structure immediately serves a public need plus there will be a rental preference for those who live and work in the city of Anaheim as the city wants this housing to be accessible to first responders and school district employees, among others. We’ve been approached by a number of school districts that are in dire need of housing for teachers, which is why we are enthusiastic about implementing this program in order to keep essential workers in the city and close to their jobs,” said Sean Rawson, co-founder, Waterford.

Joseph Smolen, Geoff Boler and Lee Redmond represented the buyers as well as the seller, UDR.