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8/28/26
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Waterford Property Company has started construction on a 75-unit affordable housing community in the city of Milpitas in Santa Clara County. The project is being financed with 4% low-income tax credits and private activity bonds and is set for completion in early 2028.
Designed by KTGY Architecture and built in partnership with C&C Development, the project is located at 1397 California Circle and is part of a larger residential master-planned community alongside new market-rate for-sale housing built by PulteGroup.
The community encompasses a total of five stories - four floors of residential above a parking garage with amenities that include two podium level courtyards. Amenities at the project will include a children’s tot lot, BBQ and outdoor game area, lounge, community room, teen homework room, fully equipped community kitchen and dining area, entertainment space with TV and foosball table, yoga/fitness studio, bike storage and electric vehicle charging stations.
Waterford’s new community will target families that earn incomes between 30%, to70% of the Area Median Income (AMI). Through a partnership with non-profit Pacific Housing Inc, residents will have access to no-cost on-site social services programming, including after-school youth tutoring, teen leadership and social skill development, and adult financial literacy and wellness classes, as well as dedicated service coordination for individual families.
Construction financing was provided by California Bank & Trust, with Citibank providing permanent loan financing. National Equity Fund serves as the project’s tax credit equity investor.
“California remains a challenging place to live due to its severely limited housing supply that keeps both home prices and rents elevated. That persistent need has only reinforced our commitment to focus exclusively on affordable and workforce housing which is why we are building a large robust pipeline of new projects,” added John Drachman, co-founder, Waterford Property Company.
Waterford has collectively developed or acquired over $3 billion in projects across California and Texas. The firm is active in pursuing new LIHTC-financed affordable housing development opportunities throughout California and has an active pipeline of these projects. Waterford's housing portfolio includes more than 6,151 income-restricted units within a multifamily platform spanning 32 communities.
Since its founding, Newport Beach-based Waterford Property Company has developed or acquired over 8,563 residential units and repositioned more than 1.5 msf of commercial space across California and Texas.
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