Waterford, CSCDA are New Owners of Westgate Apartments in $280M Deal

Waterford Property Company in partnership with the California Statewide Community Development Authority (CSCDA), a joint powers authority, has announced the acquisition of Westgate Apartments, a 480-unit multifamily property located at 231 S. De Lacey Ave. in Pasadena, CA. Waterford and CSCDA acquired the property for $280 million from Equity Residential.

Upon taking ownership, Waterford, as project administrator for the property, and CSCDA will immediately lower rents for qualified new residents making between 60 to 120 percent of the area median income (AMI) under CSCDA’s middle-income housing program. In addition, Waterford and CSCDA will allocate 45 percent or 216 of the total units to be rented to tenants who make 80 percent of AMI or lower. Nearly 100 of the units will be rented to very low-income tenants making less than 50 percent of AMI. Existing tenants that do not meet the income restrictions can remain in place until they elect to leave.

“This property provides a valuable opportunity to further expand the amount of affordable housing available in Pasadena,” said Sean Rawson, co-founder, Waterford Property Company.

This acquisition marks the fourth property in Pasadena to be converted to essential housing by Waterford and CSCDA, bringing the total workforce housing units now available in the city to 1,098 total units.

The Walker & Dunlop team, led by managing director Blake Rogers, brokered this transaction.