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4/27/21
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Altana, a 507-unit luxury multifamily community in Glendale, was purchased for $300 mil by Waterford Property Company in partnership with the California Statewide Communities Development Authority (CSCDA).
The property, located at 633 N. Central Ave, is the largest community to date to be acquired as part of CSCDA’s innovative middle income housing program. It is also the largest multifamily transaction in the state of California for 2021, according to CoStar.
The community was acquired by Waterford, as property administrator, with CSCDA, to be converted to essential housing. In partnership with CSCDA, Waterford has now acquired four multifamily communities since the start of the year as 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. Upon taking ownership, Waterford and CSDA will be able to immediately lower rents for qualified new residents making between 80% and 120% of the area median income. Current tenants who qualify can participate in the program during lease renewals.
“We’re providing a housing solution for California cities. This program benefits essential workers such as teachers, police officers, firefighters, and others who are important to the fabric of a community, yet many times can’t afford to live in the very cities they serve,” said Sean Rawson, co-founder, Waterford Property Company.
“This program is just being rolled out across California but we’re already realizing its benefits since the reduced rent can be put into place immediately. We’re excited about what this means for Glendale as it helps provide more diversity to the city’s housing stock,” added John Drachman, co-founder, Waterford Property Company.
Built in 2017, Altana features more than an acre of private open space, rooftop pools, a beautifully landscaped zen garden and yoga room, among other amenities.
Joseph Smolen, Geoff Boler, and Lee Redmond of Eastdil Secured represented Waterford and CSCDA in the transaction.
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