Waterford Property Company

What Waterford Property Company does

Waterford Property Company is a private, founder-controlled real estate investment and development firm headquartered in Newport Beach, California, founded in 2019 through the combination of John Drachman's Stillwater Investment Group and Sean Rawson's Waterford Group. The company specializes in acquiring Class A multifamily properties and converting them to rent-restricted workforce ("essential") housing for tenants earning 60-140% of Area Median Income — targeting the "missing middle" of teachers, firefighters, nurses, police officers, and clerical workers priced out of market-rate housing but ineligible for traditional low-income subsidies. Its flagship Essential Housing program operates through a public-private partnership with the California Statewide Communities Development Authority (CSCDA), which issues tax-exempt bonds to finance acquisitions while Waterford acts as project administrator. The firm has scaled to 4,014+ units across 15 Southern California communities and has cumulatively transacted over $3.1 billion in multifamily and commercial properties, making it the most active sponsor in CSCDA's workforce housing program.

The business model is asset-light and fee-based: Waterford earns project administration fees (~$700K per property annually), acquisition and asset management fees (e.g., $2M on the $121M Oceanaire deal), and holds $5M subordinated bonds per CSCDA deal with interest payments after senior debt retirement (5-7 years) and principal at maturity (30-35 years). Equity for acquisitions is syndicated through joint ventures with institutional capital partners — most prominently The Vistria Group ($12.9B AUM), Northern Liberties, Turnbridge Equities, and Monument Square Investment Group — while debt is sourced via Freddie Mac/Walker & Dunlop with Goldman Sachs underwriting CSCDA bonds. The company expanded beyond California in 2024 with two Dallas acquisitions (Axis Kessler Park, Domain at Midtown Park; 694 combined units) and secured three Exclusive Negotiation Agreements with the North County Transit District for transit-oriented development totaling over 600 affordable units and a 12.69-acre site.

Waterford's product surface spans four interconnected lines: Essential Housing (workforce conversions, the core), Market Rate Housing (luxury multifamily including the 14-acre, 900-unit Mosaic in Long Beach), Affordable Housing (income-restricted for very low-income residents), and Commercial Projects (office repositioning, retail redevelopment). Ground-up development capability was built in 2022 with the hire of Director of Development Oren Hillel. The firm operates with approximately 12 employees — a deliberately lean structure given its reliance on institutional JV partners, third-party property managers (Greystar), and public-sector bond authorities (CSCDA, DHFC) to execute transactions that individual competitors of similar headcount could not close. No proprietary technology, AI/ML capabilities, or app products are disclosed; the moat is fundamentally structural — rooted in regulatory access, institutional relationships, and a repeatable tax-exempt bond acquisition template — rather than technological.

Name

Waterford Property Company

Legal name

Waterford Property Company

Website

https://waterfordco.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Waterford Property Company is a private Newport Beach-based real estate investment and development firm that acquires Class A multifamily properties and converts them to rent-restricted workforce housing for essential workers earning 60-140% of Area Median Income, operating primarily through a CSCDA public-private partnership across California and Texas.

Ownership category

akta.pro rank

Headquarters

HQ city

Newport Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Project Administration Fees: Waterford acts as project administrator for each CSCDA deal, earning fees for managing properties converted to workforce housing. Receives approximately $700,000 per year as part of deal structure.
2. Acquisition and Asset Management Fees: Earns fees for finding acquisition candidates and managing properties once acquired. For Oceanaire deal ($121M), Waterford was paid $2M in fees.
3. Subordinated Bond Income: Receives $5 million subordinated bond from CSCDA for each deal. Will receive interest payments once senior debt is retired (estimated 5-7 years) and entire principal once everything is paid off in 30-35 years.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Waterford Property Company is a private real estate investment and development firm that acquires, repositions, and develops multifamily and commercial properties, with a focus on converting existing Class A market-rate apartment complexes into essential/workforce housing through public-private partnerships with CSCDA and municipal housing finance corporations. The firm also develops market-rate, affordable, and transit-oriented mixed-use projects across California and Texas.

Product overview

Waterford Property Company operates as a diversified real estate investment and development firm offering four interconnected product lines: Market Rate Housing (luxury multifamily developments), Essential Housing (workforce/middle-income housing that converts existing Class A properties to rent-restricted units for essential workers earning 60-140% AMI through partnerships with CSCDA and municipal housing finance corporations), Affordable Housing (income-restricted properties for very low-income residents), and Commercial Projects (office repositioning and retail redevelopment). The company has developed over $3.1 billion in multifamily and commercial properties across California and Texas, with its Essential Housing program being the primary differentiator, using tax-exempt municipal bond financing to deliver below-market rents while maintaining Class A amenities.

Differentiator

Problem solved

Functional benefit

Brands

• Essential Housing: Waterford's workforce housing division focused on providing affordable rental homes for healthcare workers, first responders, teachers, and other service professionals. Converts market-rate apartment complexes to essential workforce housing through CSCDA bond financing, targeting tenants earning 60-140% of Area Median Income.

Products and services

• Essential Housing Program Workforce/middle-income housing program that converts existing market-rate Class A multifamily properties to essential housing for tenants earning 60-140% of AMI, targeting teachers, firefighters, healthcare workers, and other essential workers, financed via tax-exempt municipal bonds.
• Market Rate Housing Luxury multifamily residential properties developed for market-rate renters, including mixed-use transit-oriented projects and coastal apartment communities in Southern California.
• Affordable Housing Income-restricted housing developments for very low and low-income residents, including workforce inclusionary housing projects across Southern California.
• Commercial Projects Commercial real estate including office campus repositioning, retail property redevelopment, and mixed-use developments across Southern California markets.
• Investor Syndication Program Accredited-investor syndication and project co-investment opportunities in Waterford's multifamily, essential housing, and transit-oriented development projects, accessed via the Waterford investor portal.

Quantifiable outcome

• Rents reduced by approximately 25% average savings for essential housing tenants in Orange County portfolio
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and major.

• Dallas Housing Finance Corporation (DHFC)coreStrategic or Co-development Partner · 7 August 2024Public partner providing tax-exempt mortgage revenue bonds and property tax abatement (99-year) in exchange for rent restrictions. Created by City of Dallas in 1984, DHFC supports financing for multifamily housing for low and moderate income families.
• GreystarmajorImplementation/ SI/ Consulting Partner · 7 August 2024Onsite property management team for Axis Kessler Park in Dallas. Greystar is one of the largest international real estate developers and managers with over $50 billion in assets under management.
• North County Transit District (NCTD)coreStrategic or Co-development Partner · 20 May 2024Public transit agency for North San Diego County. Waterford (with USA Properties Fund) selected for Exclusive Negotiation Agreement for Melrose SPRINTER Station redevelopment. Also partnered with Toll Brothers for Escondido Transit Center redevelopment. NCTD operates rail, hybrid rail, and bus service.
• USA Properties Fund Inc.majorStrategic or Co-development Partner · 20 May 2024Joint venture partner with Waterford for Melrose SPRINTER Station transit-oriented development project in Oceanside, CA. USA Properties Fund is a developer of quality, affordable housing.
• Father Joe's Villages (S.V.D.P. Management Inc.)majorStrategic or Co-development Partner · 20 May 2024Developer partner for Rancho Del Oro SPRINTER Station project in Oceanside, CA. Deacon Jim Vargas, President and CEO of Father Joe's Villages, stated the project will prevent homelessness for hundreds of people.
• Toll Brothers Apartment LivingcoreStrategic or Co-development Partner · 20 May 2024Joint venture partner with Waterford for 12.69-acre Escondido Transit Center redevelopment. NCTD Board authorized exclusive negotiating agreement with both Toll Brothers and Waterford for this transit-oriented development project.
• JPImajorChannel Partner/ Reseller/ Distributor · 8 May 2024Nationally recognized developer that purchased a 1.58-acre parcel of Mosaic for development. JPI plans 272 units of class A luxury apartments with 16 affordable units and 19,000 sq ft commercial space. Their project branded as Jefferson Long Beach.
• Turnbridge EquitiescoreStrategic or Co-development Partner · 1 March 2021Joint venture partner for Mosaic (formerly City Place) development in downtown Long Beach. The 14-acre project includes 900 residential units, retail, and creative office space. Turnbridge is a vertically integrated real estate investment firm with over $1.7 billion in AUM.
• California Statewide Communities Development Authority (CSCDA)coreStrategic or Co-development Partner · 1 January 2021Joint powers authority that issues tax-exempt bonds to finance workforce housing acquisitions. Waterford is the most active sponsor in CSCDA's workforce housing program with over $2.4 billion in bond issuances. CSCDA owns the properties; Waterford acts as project administrator.

Scale indicators17 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Northern Liberties Real Estate: Vertically integrated real estate investment firm specializing in workforce and affordable housing; JV partner with Waterford on Domain at Midtown Park in Dallas. Directly comparable as a workforce housing specialist deploying institutional capital in similar mid-miss markets.
• USA Properties Fund: California-based developer and operator of affordable and workforce housing; JV partner with Waterford on Melrose SPRINTER station project. Comparable model of multifamily acquisition/development for below-market-rent tenant segments.
• L+M Development Partners: Large private developer of mixed-income and workforce housing across the U.S.; comparable in using public-private partnerships, tax credits, and bond financing to deliver mixed-income multifamily in high-cost metros.
• Jonathan Rose Companies: Mission-driven real estate investment and development firm focused on workforce and affordable housing; comparable in pursuing "missing middle" housing with institutional capital partnerships and ESG-aligned mandates.
• BRIDGE Housing: California-based nonprofit developer of affordable and workforce housing, particularly active in Northern and Southern California high-cost markets. Directly comparable in geographic focus and tenant-income targeting.
• MidPen Housing Corporation: California affordable housing developer and operator focused on Bay Area and coastal California. Comparable in specializing in below-market-rent multifamily in supply-constrained markets using public financing.
• Turnbridge Equities: Vertically integrated real estate investment firm with $1.7B+ AUM; JV partner with Waterford on Mosaic Long Beach mixed-use project. Comparable in deploying institutional capital into California mixed-use and multifamily development.

Others

• The Vistria Group: Chicago-based private investment firm with $12.9B+ AUM focused on impact investing across healthcare, education, and housing. Not a direct competitor—it is Waterford's JV capital partner on Dallas acquisitions.

Broad incumbents

• Mercy Housing: One of the largest U.S. affordable housing nonprofits, developing and managing affordable and mixed-income multifamily nationwide. Comparable in mission and structure, though broader in scope and predominantly low-income rather than workforce tier.
• Related Companies: Large national developer (Related Affordable / Related Beal) with significant affordable and mixed-income housing portfolio, using public-private partnerships, tax credits, and bond financing across major U.S. metros.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCN3bcqloLt19KxVFi7F1Dmg
• LinkedInlinkedin.com/company/waterford-property-co
• Facebookfacebook.com/Waterford-Property-Company-100083439340504

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waterford Property Company