Waterford Property Company Breaks Ground on 75-Unit Affordable Housing Community in Milpitas, California
Waterford Property Company has broken ground on a 75-unit affordable multifamily community at 1397 California Circle in Milpitas, California, the Newport Beach-based developer announced August 31. The income-restricted project is part of a larger master-planned residential community that also includes new market-rate for-sale housing by PulteGroup, with completion targeted for early 2028.
Project Overview and Income Targeting
The development will serve families earning between 30% and 70% of the Area Median Income, with all 75 units designated as income-restricted. The building is configured as a five-story structure, with four floors of residential units situated above a parking garage and two podium-level courtyards serving as primary outdoor common areas.
The project is being co-developed with C&C Development and designed by KTGY Architecture. Its placement within a broader master-planned neighborhood alongside PulteGroup's market-rate for-sale product reflects a mixed-income development approach that has become increasingly common in Bay Area entitlement strategies, pairing ownership housing with an on-site affordable rental component.
Amenities and On-Site Services
The community is slated to include a range of resident amenities, among them a children's tot lot, a BBQ and outdoor gaming area, a lounge and community room, a teen homework room, a fully equipped community kitchen and dining area, an entertainment space, a yoga and fitness studio, and bike storage and EV charging stations.
Through a partnership with Pacific Housing, residents will have access to no-cost on-site supportive services, including after-school youth tutoring, teen leadership and social-skills development programming, adult financial literacy and wellness classes, and dedicated service coordination for families.
Capital Structure
The project is financed through 4% Low-Income Housing Tax Credits and private activity bonds, a structure common to California affordable housing development. Tax credit equity is being provided by National Equity Fund. California Bank & Trust is providing construction financing, while Citibank is providing the permanent loan.
Waterford credited the City of Milpitas, PulteGroup, C&C Development, Pacific Housing, and its financing partners for helping advance the project.
Waterford's Affordable Housing Track Record
The Milpitas development is consistent with Waterford Property Company's stated focus on affordable and workforce housing. Since 2014, the firm has built or acquired more than 4,500 rent-restricted units targeting low- and middle-income renters.
Construction is underway at 1397 California Circle, with delivery anticipated in early 2028.
Sources
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