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April 18, 2021
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MULTIFAMILY NEWS
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Waterford Property Company and the California Statewide Communities Development Authority Pay Over $500k/Unit for Long Beach Multifamily Property

4/01/21

A partnership of Waterford Property Company and the California Statewide Communities Development Authority (CSCDA) has acquired Oceanaire, a 216-unit luxury apartment community in Long Beach, for $120 mil ($555k/unit). The property, located at 150 W. Ocean Blvd, will be converted to middle-income housing.

The acquisition is part of a workforce housing finance program created in 2020 by CSCDA. Using tax exempt bond financing, CSCDA can acquire multifamily projects without the use of public subsidies to provide much needed housing for the middle-income workforce demographic. With this acquisition the partnership will be able to lower rents for qualified existing and new residents making between 80% and 120% of the area median income in order to help create more workforce housing in the city of Long Beach. The Long Beach City Council approved moving forward with the program on a pilot basis in mid-February.

“Long Beach is a very dynamic city with tremendous opportunity. As large stakeholders in Long Beach, we are excited to be able to provide new housing for essential workers, public safety employees, civil servants, teachers and be part of the solution that helps solve the housing crisis for middle-income workers in Long Beach,” said Sean Rawson, co-founder, Waterford Property Company.

Joseph Smolen, Geoff Boler, and Lee Redmond of Eastdil Secured represented Waterford and CSCDA in the transaction.

With this acquisition, Waterford is now one of the largest property owners in Long Beach. The firm has acquired over $350 mil of assets throughout Long Beach since 2015. To that end, Waterford recently completed the acquisition of City Place in Downtown Long Beach with its partners, Turnbridge Equities and Monument Square Investment Group.




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