Construction has started on a 75-unit affordable housing community in Milpitas, California.
Waterford Property Co.’s new development will target families that earn between 30% and 70% of the area median income.
Through a partnership with nonprofit Pacific Housing, residents will have access to no-cost on-site social services programming, including after-school youth tutoring, teen leadership and social skill development, and adult financial literacy and wellness classes, as well as dedicated service coordination for individual families.
The $48 million development, which is awaiting an official name, is part of a master-planned community alongside new market-rate for-sale housing built by PulteGroup.
“We are extremely proud of our partnership with the city of Milpitas and PulteGroup to address the region’s need for more affordable housing. Waterford’s strength is working with local governments to deliver long-term, mission-aligned housing for vital community members. This includes teachers, nurses, first responders, and working families,” said Oren Hillel, Waterford’s senior director of development.
Designed by KTGY and built in partnership with C&C Development, the community will be five stories—four floors of residential above a parking garage with amenities that include two podium-level courtyards. The property will feature a tot lot, a barbecue and outdoor game area, a lounge, a community room, a teen homework room, a fully equipped community kitchen and dining area, an entertainment space with TV and foosball table, a yoga/fitness studio, bike storage, and electric vehicle charging stations.
California Bank & Trust is the construction lender, and Citi Community Capital is the permanent lender. National Equity Fund is providing the low-income housing tax credit (LIHTC) equity.
“California remains a challenging place to live due to its severely limited housing supply that keeps both home prices and rents elevated. That persistent need has only reinforced our commitment to focus exclusively on affordable and workforce housing, which is why we are building a large robust pipeline of new projects,” added John Drachman, co-founder of Waterford.
Waterford has collectively developed or acquired over $3 billion in projects across California and Texas. Based in Newport Beach, California, the firm is active in pursuing new LIHTC-financed affordable housing development opportunities throughout its home state and has an active pipeline of these projects. Waterford's housing portfolio includes more than 6,151 income-restricted units within a multifamily platform spanning 32 communities.
Since its founding, the company has developed or acquired more than 8,563 residential units and repositioned more than 1.5 million square feet of commercial space across California and Texas.