Waterford Property Purchased Two Pasadena Multifamily Communities For $355 Million

Waterford Property Company partnership with California Statewide Communities Development Authority (CSCDA) and paid $335.1 million for two communities in Pasadena, which it will transform into workforce housing by dropping rents. 

The purchase included the Residences at Westgate, a 340-unit, Class A property built in 2015 at 31 South De Lacey Avenue sold for $237 million; it also holds 20,521 Sq Ft of retail space. While the 173-unit Hudson finished in 2018 at 678 East Walnut Street and sold for $98.1 million.

173-unit Hudson, at 678 East Walnut Street, Pasadena, CA

Waterford and CSDA are quickly going to lower rents for fitted new residents securing between 80 % and 120 % of the area median income. Waterford expects average rental savings of approximately 14% for new renters.

From starting this year, Waterford and CSCDA have purchased 6 multifamily communities in Southern California, totaling 2,022 units. 

In April, Waterford and CSCDA obtained Altana, a 507-unit luxury community in Glendale for $300 million

They also teamed up to acquire the 216-unit Oceanaire community in Long Beach and the $160 million Jefferson Platinum Triangle community in Anaheim. 

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