The new owners plan to convert the property at 633 N. Central Ave. into middle-
income housing for tenants making between 80% and 120% of the area’s median income.
“We’re providing a housing solution for California cities,” Sean Rawson, co-founder of Waterford Property Co., said in a statement. “This program benefits essential workers such as teachers, police officers, firefighters and others who are important to the fabric of a community, yet many times can’t afford to live in the very cities they serve.”
Waterford will serve as the building’s property administrator, and current tenants with expiring leases who meet the income requirements will be able to participate in the program.
Dubbed Altana, the Central Avenue property is the fourth and largest community acquired as part of CSCDA’s middle-income housing program.
Locally, the two purchased a 216-unit luxury apartment community in Long Beach for $120 million earlier this year.
The property, dubbed the Oceanaire, is at 150 W. Ocean Blvd. It is also being converted to middle-income housing for people making 80% to 120% of the area’s median income.
CSCDA is acquiring these multifamily projects using tax exempt bond financing instead of public subsidies.
“This program is just being rolled out across California, but we’re already realizing its benefits since the reduced rent can be put into place immediately. We’re excited about what this means for Glendale as it helps provide more diversity to the city’s housing stock,” John Drachman, co-founder of Waterford Property Co., said in a statement.
Eastdil Secured’s Joseph Smolen, Geoff Boler and Lee Redmond represented Waterford and CSCDA in the transaction.
It’s been a hot market for multifamily sales in Glendale where large properties such as Next on Lex, the Brio and the Harrison Glendale have sold this year.
Next on Lex is a 494-unit multifamily with 8,000 square feet of ground-floor retail located at 275 W. Lexington Drive. The California Community Housing Agency, a state agency which is also focused on middle-income housing, purchased the property from Cypress Equity Investments.
The agency also recently purchased the 205-unit Brio apartments at 546 W. Colorado St. for $110 million from Sequoia Equities Inc.
Brentwood-based JRK Property Holdings Inc. acquired the 164-unit Harrison Glendale at 318 W. Wilson Ave. for $90.7 million this year.
