Waterford JV Acquires LA-Area Community for $280M

Westgate

A joint venture between Waterford and the California Statewide Community Development Authority (CSCDA) has bought the 480-unit Westgate Apartments in Pasadena, Calif., for $280 million. The seller was Equity Residential. Walker & Dunlop represented Waterford in the transaction.

This is the fourth property in Pasadena to be converted to essential housing by the joint venture partners. The total workforce housing units available in the city is now 1,098.

The partners will immediately lower the rents for qualified residents making between 60 to 120 percent of the Area Median Income (AMI), under CSCDA’s middle-income housing program. Additionally, they will set aside 216 of the total units for residents making 80 percent of AMI or lower, while 96 units will be rented to very low-income residents who make under 50 percent of AMI. Current residents that do not meet the income criteria can remain until they elect to leave.

History and location

Built in 2010, the community has studios, one- and two-bedroom apartments ranging from 510 to 1,320 square feet, according to Yardi Matrix data. The community’s units feature private balconies or patios. Common area amenities include a fitness center, business center, pool, clubhouse and spa. A total of 880 parking spaces are also available.

Located at 168 W. Green St., the property is less than half a mile southwest of Old Pasadena, and even a shorter distance west of Central Park. Huntington Hospital is less than a mile south of the community.

Waterford administers 12 communities, or 3,700 units, that have been converted from market-rate to essential housing in Southern California. The company’s portfolio shows over $2.2 billion of tax-exempt bond issuances, making it one of the most active sponsors in CSCDA’s middle-income housing program in California.