NEWPORT BEACH, CA – Waterford Property Company in partnership with California Statewide Community Development Authority (CSCDA), a joint powers authority, has announced the acquisition of 777 Place, a 472-unit multifamily property located at 777 E. 3rd Street in Pomona, CA. Waterford and CSCDA bought the property for $149.4 million from Picerne Residential.
Waterford will immediately lower rents for qualified new residents making between 60 to 120 percent of the area median income (AMI) for the community s non-income restricted units. Originally constructed in 1986, 777 Place was built with 94 very low income units, for residents making 50 percent AMI, with affordability restrictions set to expire in 2025. Waterford will extend these affordability restrictions an additional 30 years increasing the project s very low income units from 94 to 157.
We are very excited that we were able to work with the City of Pomona and the seller to make a ‘win-win solution to a project with expiring affordability covenants. It is very rare that you get to reinvest over $18 million into a project and lower rents. The City s leadership on this project was remarkable and we are honored to be long-term partners with them in making more affordable housing for their residents, said Sean Rawson, co-founder, Waterford Property Company.
777 Place is a garden-style apartment community that benefits from a central location in downtown Pomona and adjacency to Western University of Health Sciences with access to Cal Poly Pomona and Mt. San Antonio College. Waterford will immediately initiate an $18 million rehabilitation of the property improving exterior and interior units.
Upon taking ownership we are going to immediately lower rents 11 percent below current market rents on the market rate units and increase the number of 50% AMI units. This will be a substantial amount of savings for families, students, and essential workers in Pomona. We pride ourselves on our ability to make innovative housing solutions for cities, said John Drachman, co-founder, Waterford Property Company.
The Pomona City Council unanimously approved the acquisition during their October 18, 2021 City Council meeting in a 7 to 0 vote. The City of Pomona is pleased to partner with Waterford and the CSCDA in positioning the 777 Apartments for another 30 years of affordability. We see this as a positive piece to the larger effort of addressing the dire need for affordable housing solutions in California, said Kirk Pelser, Pomona Deputy City Manager.
Waterford now administers 11 communities in Southern California that have been converted from market rate to essential housing bringing its portfolio to 3,220 units and over $1.8 billion of tax-exempt bond issuances, confirming the firm as the most active sponsor in CSCDA s middle income housing program in California.

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ATLANTA, GA – Bell Partners, one of the nation’s leading apartment investment and management companies, announced that it has bought the Berkshire Terminus and Berkshire Howell Mill multifamily communities in Atlanta, two highly walkable and well-located properties featuring a combined 611 units. The properties, bought on behalf of Bell Partners’ Core Fund I investors, represent the 12th and 13th communities Bell Partners manages in the Atlanta area, as well as the company’s second and third acquisitions in the Atlanta metro area in 2021 following the September acquisition of Bell Alpharetta.
The Berkshire Terminus will be renamed Bell Terminus. Bell Terminus is comprised of 355 units and is in the heart of Atlanta’s Buckhead neighborhood, placing residents within walking distance of over 1.5 million square feet of office space and over 100,000 square feet of retail as part of the Terminus mixed-use development. Built in 2014, this mid-rise community offers close access to metro Atlanta’s most vital employment, nightlife and shopping destinations.
The Berkshire Howell Mill will be renamed Bell Collier Village. Bell Collier Village is comprised of 256 units in Atlanta’s Westside corridor, a burgeoning hub of technology jobs driven by the neighborhood’s proximity to Georgia Tech and the significant investment attracted by the companies and initiatives founded by the college’s graduates. Both Microsoft and Google are plotting major regional corporate centers in the neighborhood, alongside existing Facebook and Amazon locations in nearby Atlantic Station, adding to job growth in the area. Built in 2015, the community is located near a wide range of dining, shopping and recreation options in addition to the professional opportunities it affords residents.
The acquisitions come at an exciting time for the city of Atlanta’s growth. According to the 2020 Census, the population of Atlanta has grown by 18.7% since 2010. The Atlanta metro area is not only home to some of the country’s largest and most recognizable companies such as Coca-Cola, Delta Air Lines and The Home Depot, but also to a rich cultural fabric including music, arts and sports.
“We are excited to add two new communities in Atlanta to the Bell portfolio,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “This investment offers an attractive mix of growth and stability of cash flow for our core investment vehicle stemming from favorable migration trends to the Atlanta market, strength and desirability of the locations, relatively affordable rent level, and attractive community features.”
Units in both properties feature Energy Star stainless steel appliances, granite countertops, walk-in closets, and private balconies/patios in select homes. In addition, both properties are outfitted with saltwater pools, outdoor grilling areas, technology lounges, fitness centers and rooftop terraces.

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PORTLAND, OR – MG Properties Group, a private San Diego-based real estate investor and operator, is further expanding its Portland presence, announcing the acquisition of Maddox Apartments. The two newly combined and rebranded communities, formerly known as North Harbour Vista and Marine View, offer on-site retail and a coveted location along the Columbia River.
Located in the Bridgeton neighborhood of North Portland, the 210-unit community offers an ideal location within walking distance to the Expo Center Light Rail Station, connecting residents to the larger Portland metro and offering simple access to Vancouver. North Portland offers a seamless commute to the downtown core, while still having the feel of a suburban location.
“We are thrilled to add Maddox to our portfolio of communities,” said Mark Gleiberman, MG Properties Group’s Founder & CEO. “Maddox allows us to further scale our regional portfolio while investing in a submarket that we believe has substantial growth potential.”
The seller, Prima Donna Development, was represented by Mark Palmer, Michael McCleary, and Ryan Thompson at Palmer Capital Inc. The acquisition of Maddox Apartments was financed with a loan from an affiliate of Apollo Global Management arranged by Bryan Frazier, Andrew Schoene, and Blake Hockenbury at Walker & Dunlop.
Maddox is the 20th community bought in the past year by MG Properties Group, totaling over $1.6 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado, and Texas. 

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