Ascenda Capital, CMFA Buy Latitude33 Apartments for $97M

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.