Waterford Property Company Recognized by City of Long Beach for Providing Essential Housing at Oceanaire
Long Beach, CA (June 22, 2021) – For providing “essential housing” for Long Beach’s essential workers, public safety employees and government workers, Long Beach City Councilwoman Cindy Allen has awarded a certificate of recognition to Waterford Property Company and Oceanaire. The recognition cited the commitment to providing Long Beach with innovative housing solutions by creating modern, affordable housing units at Oceanaire.
In March 2021, a partnership of Waterford Property Company, a diversified real estate investment and development company, and the California Statewide Communities Development Authority (CSCDA) acquired Oceanaire, a 216-unit luxury apartment community located at 150 W. Ocean Blvd., to convert to middle-income housing.
“If we are going to solve our housing crisis, we must look to new ideas. There are many people who work downtown, who support the community — not only service workers, but also teachers and firefighters — and it’s very hard for them to live close to where they work due to rising housing costs. Now at Oceanaire we are able to provide quality housing at an affordable rate,” said Long Beach Councilwoman Cindy Allen. “That is why this innovative housing program is so important. It creates an affordable solution now – and in a beautiful community. We appreciate the innovation of Waterford and CSCDA to make this happen,” said Councilwoman Allen.
Cities and neighborhoods need middle-income housing for those who earn between 80 and 120 percent of the area median income (AMI). Under its innovative Middle-Income Workforce Rental Housing Program, CSCDA provides California governments with an effective tool for the timely financing of community-based public benefits projects.
Waterford Property Company is a diversified real estate investment and development company with an established track record in the acquisition and development of over $1.2 billion in multifamily and commercial properties. Its expertise includes entitling large mixed-use projects throughout Southern California, repositioning existing commercial properties as well as the development of a variety of affordable housing projects. It is led by its co-Founders John Drachman and Sean Rawson. For more information, visit www.waterfordco.com.
CSCDA is a joint powers authority founded by the League of California Cities and the California State Association of Counties in 1988 to enable local government and eligible private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California. CSCDA is comprised of more than 530 cities, counties and special districts, and has issued more than $65 billion through 1,700 plus transactions across its diverse public benefit financing programs. For more information, visit www.cscda.org.