Waterford Property Co., in partnership with California Statewide Community Development Authority (CSCDA), has acquired THEO, a 105-unit multifamily community located at 289 N. El Molino Ave. in Pasadena, Calif., for $67 million.
Waterford, project administrator, and CSCDA immediately will lower rents upon taking ownership for qualified new residents making between 60 percent and 120 percent of the area median income (AMI) under CSCDA’s middle-income-housing program. Annual rent increases are capped at no more than 4 percent, and existing tenants that do not meet the income restrictions can remain until they elect to leave.
Average in-place rent per unit at THEO is now $3,562. As part of this essential-housing program, average per-unit rent with the new restrictions will be $2,860. Each unit will recognize an average savings of $702 per month and $8,421 per year, decreasing rents 19.9 percent.
“This is more than a real estate transaction. This program benef
