Waterford Property Buys Two Multifamily Communities in Pasadena for $335.1M
PASADENA, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Residences at Westgate and The Hudson in Pasadena for $335.1 million. The partnership acquired the 513 units to provide housing affordability as part of an innovative workforce housing finance program created in 2020 by CSCDA.
Residence at Westgate, located at 31 S. DeLacey Ave., was purchased for $237 million, and The Hudson, located at 678 E. Walnut St., was acquired for $98.1 million. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented both parties in the Residences at Westgate transaction. Blake Rogers, Hunter Combs, Alexandra Caniglia and Javier Rivera of Walker & Dunlop represented both parties for The Hudson’s sale.
The Residences at Westgate, which was developed in 2015, features 340 apartments and 20,521 square feet of retail space. The Hudson, which was built in 2018, offers 173 apartments and 11,409 square feet of retail space. At the time of acquisition, both communities were approximately 96 percent occupied.
Since January, Waterford and CSCDA have acquired six multifamily communities in Southern California, totaling 2,022 units of housing and more than $1 billion of acquisition value as part of the essential housing program. Using tax-exempt bond financing, the partnership is able to immediately lower rents for qualified new residents earning between 80 percent and 120 percent of the area median income. Current tenants who qualify can participate in the program during lease renewals.