A partnership of Waterford Property Co., a diversified real estate investment and development company, and the California Statewide Communities Development Authority (CSCDA) has acquired Oceanaire, a 216-unit luxury apartment community located at 150 W. Ocean Blvd., to convert to middle-income housing.
The community was acquired by Waterford, as property administrator, with CSCDA, for $120 million. The acquisition is part of a workforce-housing finance program created in 2020 by CSCDA. Using tax-exempt bond financing, CSCDA can acquire multifamily projects without the use of public subsidies to provide much needed housing for the middle-income workforce demographic. With this acquisition, the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of the area median income in order to help create more workforce housing in the city of Long Beach. The Long Beach City Council approved moving forward with the prog
