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February 24, 2021
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MULTIFAMILY NEWS
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Waterford Property Company Buys 386-Unit Anaheim Res Community with California Statewide Communities Development Authority

2/12/21

Waterford Property Company, in partnership with the California Statewide Communities Development Authority (CSCDA), has acquired Parallel Apartments, a 386-unit multifamily property in the City of Anaheim, to convert into workforce housing.

Waterford, as property administrator, led the acquisition efforts of Parallel Apartments in partnership with CSCDA for $156 mil to convert the units to workforce housing as part of a new California program that aims to remedy a deepening gap in the middle-income housing market. The project is part of a workforce housing finance program created last year by the California Statewide Communities Development Authority (CSCDA). Using tax exempt bond financing CSCDA can acquire multifamily projects without the use of public subsidies for “moderate” income households.

“With this acquisition we will be able to lower rents to meet the needs of middle-income residents making between 80% and 120% of the area median income and help to house a workforce segment that continues to be priced out of the region,” said CSCDA Managing Director Jon Penkower.

Built in 2018, Parallel Apartments is located at 1105 E. Katella, just east of I-5. The multifamily community is currently 95.5% leased. It features quality interior finishes and community amenities that include a resort-style pool, rooftop fitness center, and basketball court.

Waterford and CSCDA acquired the property from UDR. Joseph Smolen, Geoff Boler, and Lee Redmond of Eastdil Secured represented both the buyer and the seller in the transaction.




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