Waterford Property Company and CSCDA Acquire Parallel Apartments in Anaheim in Public-Private Partnership
Newport Beach, CA (February 10, 2021) – Waterford Property Company, a diversified real estate investment and development company, in partnership with the California Statewide Communities Development Authority (CSCDA) has acquired a 386-unit multifamily property in the City of Anaheim to convert into workforce housing.
Waterford, as property administrator, led the acquisition efforts of Parallel Apartments in partnership with CSCDA for $156 million to convert the 386 units to workforce housing as part of a new California program that aims to remedy a deepening gap in the middle-income housing market. The project is part of a workforce housing finance program created last year by the California Statewide Communities Development Authority (CSCDA).Using tax exempt bond financing CSCDA can acquire multifamily projects without the use of public subsidies for “moderate” income households.
“With this acquisition we will be able to lower rents to meet the needs of middle-income residents making between 80% and 120% of the area median income and help to house a workforce segment that continues to be priced out of the region,” said CSCDA Managing Director Jon Penkower.
“This program provides a solution for cities across the state. We are honored to partner with CSCDA and the City of Anaheim on this innovative housing program. We will be providing housing for California’s teachers, public safety professionals and essential workers,” said Sean Rawson, co-founder, Waterford Property Company.
“Waterford plans to be very active in partnering with CSCDA throughout California to acquire assets under the workforce housing program and views it as a great compliment to our existing affordable and market rate housing initiatives,” said John Drachman, Co-Founder, Waterford Property Company.
Parallel Apartments located at 1105 E. Katella in Anaheim has 386 units. Built in 2018, the multifamily community is currently 95.5 % leased. The community features quality interior finishes and community amenities that include a resort-style pool, rooftop fitness center, and basketball court.
Waterford and CSCDA acquired the property from UDR. Joseph Smolen, Geoff Boler, and Lee Redmond of Eastdil Secured represented both the buyers and the sellers in this transaction.
Waterford Property Company is a diversified real estate investment and development company with an established track record in the acquisition and development of over $1 billion in multifamily and commercial properties. Its expertise includes entitling large mixed-use projects throughout Southern California as well as the development of a variety of affordable housing projects. It is led by its co-Founders John Drachman and Sean Rawson. For more information, visit www.waterfordco.com.
CSCDA is a joint powers authority founded by the League of California Cities and the California State Association of Counties in 1988 to enable local government and eligible private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California. CSCDA is comprised of more than 530 cities, counties and special districts, and has issued more than $65 billion through 1,700 plus transactions across its diverse public benefit financing programs. For more information, visit www.cscda.org.