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June 15, 2024
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Waterford Property Company and California Statewide Community Development Authority Close $127 Mil Anaheim Multifamily Buy


In a major multifamily buy out of Orange County, Waterford Property Company and California Statewide Community Development Authority have purchased 1818 Platinum Triangle, a 265-unit apartment community in Anaheim’s Platinum Triangle, for $127.26 mil ($480k/unit). The property, located at 1818 S. State College Blvd, at Katella between I-5 and Hwy 57, was sold by UDR.

Upon taking ownership of 1818, Waterford, as administrator, and CSDA will immediately lower rents for qualified new residents making between 60% to 120% of the area median income (AMI) under CSCDA’s middle income housing program. Waterford anticipates average rental savings of 24.5% for qualified tenants compared to current Market Rents within the Platinum Triangle. Additionally, annual rent increases would be capped at no more than 4 %. Existing tenants that do not meet the income restrictions are allowed to remain in place until they elect to move.

This transaction marks the third community Waterford has acquired in Anaheim with CSCDA. Waterford now has nine communities it has converted from market rate to essential housing bringing its portfolio to 2,643 units and over $1.6 bil of tax-exempt bond issuances, making the firm one of the most active sponsors in the state.

“This innovative financing structure immediately serves a public need plus there will be a rental preference for those who live and work in the city of Anaheim as the city wants this housing to be accessible to first responders and school district employees, among others. We’ve been approached by a number of school districts that are in dire need of housing for teachers which is why we are enthusiastic about implementing this program in order to keep essential workers in the city and close to their jobs.”” said Sean Rawson, co-founder, Waterford.

“Orange County is one of strongest multifamily markets in the country and market rate rents have risen over 17% this year with vacancy rates being some of the lowest in the country. As more and more landlords continue to aggressively raise rents in this environment, these Essential Housing projects continue to be an important tool for cities to offer tenants discounted rents in quality apartment communities,” said John Drachman, co-founder, Waterford.

The Anaheim City Council voted 7 to 0 during its September 28 city council meeting to approve the acquisition. Anaheim Councilmember Trevor O’Neil commented, “What is being brought forward is a win for the workforce that needs this housing.”

Joseph Smolen, Geoff Boler, and Lee Redmond represented the buyers and the seller in this transaction.

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