Identification – Waterford utilized relationships with a Joint Powers Authority and the City of Anaheim to acquire a recently developed 386 unit apartment project to convert to Essential Housing by reducing and restricting in-place rents in the Platinum Triangle sub-market of Orange County.

Evaluation – Utilizing its strong market knowledge to underwrite the opportunity quickly, Waterford simultaneously worked with the City of Anaheim in converting the program to an Essential Housing project.

Business Plan – Waterford felt the project could be well-positioned to target tenants making 80% to 120% of the area Average Median Income (AMI) by reducing the in-place rents without reducing any of the Class A amenities the project offered.

Capitalization – Waterford partnered with CSCDA and Goldman Sachs to raise the capital to acquire the project from municipal, institutional bond investors.

Asset Management – Waterford will act as the Project Administrator for the project, overseeing all aspects of the asset to ensure it meets its business plan’s goal for targeting Essential workers as tenants by offering discounted rents.

Stabilization – Waterford will hold this property with its partners on a long-term basis.

Total Units – 386

Contact - (833)519-1775