Waterford, CSCDA Acquire Parallel Apartments in Anaheim for $156M, Plan Workforce Housing Conversion

by Amy Works

ANAHEIM, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Parallel Apartments, a multifamily property located in Anaheim. UDR sold the asset for $156 million.

Located at 1105 E. Katella Ave., Parallel Apartments features 386 apartments, which the buyers plan to convert to workforce housing as part of a new California program that aims to address the deepening gap in the middle-income housing market. Built in 2018, the community was 95.5 percent leased at the time of acquisition. On-site amenities include a resort-style pool, rooftop fitness center and basketball court.

According to CSCDA, the acquisition allows the organization to lower rents to meet the needs of middle-income residents making between 80 percent and 120 percent of the area median income.

Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers and seller in the transaction.

You may also like