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Ascenda Capital and the California Municipal Finance Authority have partnered to acquire Latitude33 Apartments in Escondido for $97 million. Located at 515 Meander Glen in the center of Downtown Escondido, the property has 198 units, most of which are three-level townhomes with attached garages and private entrances.

The partnership will transition the property from market-rate units to affordable housing units for middle-income families. All of the units will be reserved for tenants making 60% to 120% of the median area income, which will likely include first responders, nurses, teachers, social workers and military personnel. As the project administrator, Ascenda Capital will reduce the current rents by 26.5% compared to current market rents. However, current residents that do not qualify for the income requirement will not be displaced. As units turn naturally, they will be transitioned into income-restricted units.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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