In partnership with the California Statewide Communities Development Authority (CSCDA), Waterford Property Co. has paid $335.1 million for two communities in Pasadena, Calif., which it will convert into workforce housing by lowering rents. Both projects are about 96 percent occupied.
The acquisition included the Residences at Westgate, a 340-unit class A property built in 2015 at 31 South DeLacey Ave., for $237 million. It also includes 20,521 square feet of retail space. The 173-unit Hudson was completed in 2018 at 678 East Walnut Street and traded for $98.1 million.
