A recently developed apartment building at 289 North El Molino Avenue in Pasadena has been proposed to be transformed middle-income housing through California’s Workforce Housing Program.
In partnership with the California Statewide Development Authority, the Newport Beach-based Waterford Property Company has paid $67 million to acquire the property.
289 North El Molino Avenue Rooftop Deck
Named THEO, the property is a 105-unit residential building. Under terms of the agreement, Waterford will immediately begin offering lower rents for households earning between 60 and 120 percent of the area’s median income level, with annual increases capped at 4 percent. Existing tenants who do not meet the qualifications are permitted to remain in place, with vacant units gradually filled by middle-income renters.
289 North El Molino Avenue Rooftop Deck View
Current average rent at THEO is $3,562, according to a news release by Waterford. With the new restrictions in place, that figured would be reduced to $2,860 – representing a 20 percent discount relative to the current rate.
289 North El Molino Avenue Aerial View
THEO was developed by Summerhill Apartment Communities, a subsidiary of brokerage firm Marcus & Millichap.
The property is one of ten residential buildings in Southern California which Waterford has converted to middle-income housing through the state program, totaling 2,748 residential units.
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