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12/07/21
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Waterford Property Company, in partnership with California Statewide Community Development Authority (CSCDA), a joint powers authority, has acquired 777 Place, a 472-unit multifamily property in Pomona, for $149.4 mil ($316.5k/unit). The property, located at 777 E. 3rd St, was sold by Picerne Residential.
Waterford and CSCDA will immediately invest $18 mil to improve units at the property. The company will immediately lower rents for qualified new residents making between 60% to 120% of the area median income (AMI) for the community’s non-income restricted units.
Originally constructed in 1986, 777 Place was built with 94 “very low” income units, for residents making 50% AMI, with affordability restrictions set to expire in 2025. Waterford will extend these affordability restrictions an additional 30 years increasing the project’s “very low” income units from 94 to 157.
777 Place is a garden-style apartment community that benefits from a central location in downtown Pomona and adjacency to Western University of Health Sciences with access to Cal Poly Pomona and Mt. San Antonio College. Waterford will immediately initiate an $18 million rehabilitation of the property improving exterior and interior units.
“Upon taking ownership we are going to immediately lower rents 11% below current market rents on the market rate units and increase the number of 50% AMI units. This will be a substantial amount of savings for families, students, and essential workers in Pomona,” said John Drachman, co-founder, Waterford Property Company.
The Pomona City Council unanimously approved the acquisition during their October 18, 2021 City Council meeting in a 7 to 0 vote. “We see this as a positive piece to the larger effort of addressing the dire need for affordable housing solutions in California,” said Kirk Pelser, Pomona Deputy City Manager.
Waterford now administers 11 communities in Southern California that have been converted from market rate to essential housing bringing its portfolio to 3,220 units and over $1.8 bil of tax-exempt bond issuances, confirming the firm as the most active sponsor in CSCDA’s middle income housing program in California.
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