Waterford Property takes over Pasadena apartment building with plans to lower rent

A luxury apartment building in Pasadena, California, has a new owner — who plans to lower the rent, not raise it. Waterford Property Company has partnered with California Statewide Community Development Authority to acquire a 105-unit apartment building called Theo for $67 million. Built in 2019, the property is located at 289 N. El Molino Ave. between Los Robles and Lake Avenues just south of the 210 freeway. Leveraging CSCDA’s middle income housing program, Waterford will immediately lower…