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12/10/21
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Waterford Property Company, in partnership with the California Statewide Community Development Authority (CSCDA), has acquired Westgate Apartments, a 480-unit multifamily property in Pasadena, for $280 mil ($583.3k/unit). The property, located at 231 S. De Lacey Ave, was sold by Equity Residential.
Built in 2010, Westgate Apartments, provides contemporary amenities in a convenient location within walking distance of Old Town Pasadena.
Upon taking ownership, Waterford, as project administrator for the property, and CSCDA 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. In addition, Waterford and CSCDA will allocate 45% or 216 of the total units to be rented to tenants who make 80% of AMI or lower. Ninety-six of the units will be rented to very low-income tenants making under 50% of AMI. Existing tenants that do not meet the income restrictions can remain in place until they elect to leave.
According to Sean Rawson, co-founder, Waterford Property Company, this acquisition marks the fourth property in Pasadena to be converted to essential housing by Waterford and CSCDA, bringing the total workforce housing units now available in the city to 1,098 total units. The average per unit market rent is currently $3,241 in the immediate area. With this essential housing program, per unit rents at Westgate Apartments will be $2,354 in the first year, a 37.65% discount to market.
Blake Rogers, Hunter Combs, Alexandra Caniglia, and Javier Rivera of Walker & Dunlop represented Waterford in the transaction. Waterford now administers 12 communities in Southern California that have been converted from market rate to essential housing bringing its portfolio to 3,700 units and over $2.2 bil of tax-exempt bond issuances.
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