Waterford Property Co., in partnership with the California Statewide Community Development Authority (CSCDA), a joint powers authority, has announced the acquisition of three Escondido multifamily properties, including:
Alcove Apartments, a 112-unit community built in 2019, located at 650 North Centre City Parkway
Haven76 Apartments, a 76-unit apartment community built in 2016, located at 2414 South Escondido Blvd.
Rowan Apartments, a 126-unit apartment community built in 2020, located at 700 West Grand Ave.
Waterford and CSCDA acquired the properties for $157 million from Lyon Living, the original owner and developer. Kyle Pinkalla of Northmarq represented the seller.
Upon taking ownership, Waterford, as project administrator for the property, and CSCDA will immediately lower rents for qualified new residents making between 80 percent to 120 percent of the area median income (AMI) under CSCDA’s workforce housing program. This p
