Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Altana, a 507-unit luxury multifamily community, Altana, located at 633 N. Central Ave. in Glendale.
The community was acquired by Waterford, with CSCDA, for $300 million, to convert to essential housing. In partnership with CSCDA, Waterford has now acquired four multifamily communities since the start of the year as part of a workforce housing finance program created in 2020 by CSCDA.
Using tax exempt bond financing, CSCDA can acquire multifamily projects without the use of public subsidies to provide much needed housing for the middle-income workforce demographic. Upon taking ownership, Waterford and CSDA will be able to immediately lower rents for qualified new residents making between 80% and 120% of the area median income.
Built in 2017, Altana features more than an acre of private open space, rooftop pools, a beautifully landscaped zen garden and yoga room, among other amenities.