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12/30/21
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A public-private partnership between Waterford Property Company and the California Statewide Community Development Authority (CSCDA) has purchased the Lyon Living multifamily portfolio for $157 mil. The portfolio, consisting of three apartment properties in Escondido totaling 314 units, will be maintained as essential rental housing.
All three of the properties are Class A, newer built assets. The 126-unit Rowan Apartments was completed in 2021; the 112-unit Alcove Apartments in 2019; and the 76-unit Haven76 Apartments in 2014.
Low-cost tax-exempt bond financing allowed the buyers to be aggressive on pricing with units selling at $500k per unit. As part of the CSCDA’s middle income housing program in California, the communities will now serve residents making between 60 and 120 percent of the area median income (AMI) for San Diego County.
Kyle Pinkalla and Erik Anderson with NorthMarq represented the seller in the transaction.
The Lyon Living portfolio is the third major apartment sale in the city of Escondido to close this month – all with similar strategies to preserve middle income housing options. “This creates an interesting dynamic for the Escondido market as it takes 1,031 units out of the current inventory of market-rate housing,” said Pinkalla. “That shift in supply is likely to boost demand and improve pricing power for existing market-rate assets, while also sparking fresh interest in development and redevelopment opportunities,” he added.
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