Waterford Property Co. pays $206m for affordable housing in Southern California

Waterford Property Co., in partnership with California Statewide Community Development Authority (CSCDA), has acquired two multifamily properties in Orange, Calif., for $206 million.

The assets include the 262-unit Cameo and the 94-unit Garrison. These communities will provide housing affordability. The firms plan to lower the rent values.

“The ‘missing middle’ is the most difficult segment of the population to provide housing for because it is a high barrier to entry price point that makes the financial feasibility of producing new units extremely difficult,” said John Drachman, Waterford co-founder. “To put this into context, in less than a year, we have converted nearly 2,500 units to workforce housing. In comparison, it typically takes three to four years to develop the same number of units.”