Waterford Property Buys Jefferson Platinum Triangle Apartments in Anaheim for $160M, Plans Workforce Housing Conversion
ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Communities Development Authority (CSCDA), has purchased Jefferson Platinum Triangle. The transit-oriented multifamily community is located at 1781 S. Campton Ave. in Anaheim’s Platinum Triangle District. JPI sold the asset for $160 million.
The buyers plan to convert the 400-unit property into workforce housing. The acquisition is part of a workforce housing finance program created in 2020 by CSCDA. Using tax exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide much-needed housing for the middle-income workforce demographic.
With this acquisition the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of the area median income in order to create more workforce housing in Anaheim.
Built in 2018, Jefferson Platinum Triangle features 400 units, clubrooms, two resort-style pools with hot tubs, outdoor cooking areas, fitness centers and a yoga studio.
Shane Shafer and Kyle Pinkalla of NorthMarq brokered the transaction.