SAN DIEGO, CA - Ascenda Capital, in partnership with the California Municipal Finance Authority (CMFA), closed on the $97 million acquisition of Latitude33 Apartments, a 198-unit apartment community located in downtown Escondido, CA. Ascenda Capital will be transitioning the property, built in 2012, from a market-rate community to a rent-restricted community that provides housing for middle-income families. The transaction was approved by the Escondido City Council with a unanimous 5-0 vote during the City Council Meeting on October 27th. This acquisition marks just the second acquisition in San Diego County through California's Essential Housing Program.
Ascenda Capital, acting as the project administrator, will be reserving all of the units at Latitude33 to provide housing for families earning between 60-120% of area median income (AMI) in San Diego County. These families include first responders, nurses, teachers, social workers, military personnel, and other workers that are essential to the community of Escondido. Ascenda will immediately decrease rents for new qualified residents at the property. Residents that do not qualify will not be displaced and will have full freedom to continue living at the community until they decide to move out.
"We are thrilled to be entering the essential housing space and creating much needed high quality affordable housing for the workforce of Escondido," said Matt Avital, principal & founder of Ascenda Capital. "As we transition the property from market rate to affordable housing, we will be reducing rents at the property by an average of 26.5% when compared to market rents in Escondido. We are very passionate about affordable housing and look forward to giving hundreds of middle-income families in Escondido the opportunity to live in high quality housing directly within the community that they serve."
The property, located at 515 Meander Glen, Escondido, CA 92025, is situated just a block from Escondido City Hall and the California Center for the Arts, Escondido. The property is located in the center of downtown, providing residents with convenient access to nearby retail, restaurants and local attractions such as Starbucks, Lowe's, Escondido World Marketplace, Regal Escondido and Northgate Market, all within walking distance. The majority of the units at Latitude33 are 3-level townhomes with attached garages and private entrances, providing residents with a spacious living experience and luxurious shared amenities. "We are thrilled to be providing middle-income families in Escondido with such a high quality of living at affordable rent levels," said Ascenda's Matt Avital.