Waterford Breaks Ground on 75-Unit Affordable Community in Milpitas

• Waterford Property Co. has started construction on a 75-unit affordable housing community at 1397 California Circle, Milpitas, California.
• The four-story residential project will serve families earning between 30% and 70% of area median income and is expected to be completed in early 2028.
• KTGY Architecture is designing the community, with C&C Development involved in the project.
• The development will offer extensive resident amenities and free on-site social services through Pacific Housing Inc.

What The Milpitas Development Will Bring

Construction is underway on a new 75-unit affordable housing community at 1397 California Circle in Milpitas, adding income-restricted apartments to a larger master-planned residential community in Santa Clara County. The project is being developed by Newport Beach-based Waterford Property Co. and will provide homes for families earning between 30% and 70% of the area's median income. The four-story residential building will be constructed above a parking garage, with the project designed to combine affordable housing with a substantial package of shared amenities and resident services.

What The Apartments Will Offer

The community is being designed around the needs of working families who may have difficulty finding housing at market-rate prices in Silicon Valley. The apartments will be part of a broader master-planned residential community, giving residents access to shared outdoor spaces and on-site services. While the project information does not specify the unit mix, all 75 residences will be income-restricted within the targeted AMI range. The development is being financed through 4% Low-Income Housing Tax Credits and private activity bonds, allowing the project to move forward as part of California's affordable housing pipeline.

What Amenities Residents Can Expect

The project will feature a significant amount of amenity space, including two podium-level courtyards, a tot lot, barbecue and outdoor gaming area, lounge, community room and teen homework room. Residents will also have access to a fully equipped community kitchen and dining area, an entertainment space with a television and foosball table, and a yoga and fitness studio. Bike storage and electric vehicle charging stations will also be included, giving the development transportation options beyond traditional automobile use.

What Services Pacific Housing Will Provide

Waterford is partnering with nonprofit Pacific Housing Inc. to provide residents with free, on-site social services. The programming will include after-school youth tutoring, teen leadership and social skill development, adult financial literacy and wellness classes, as well as dedicated service coordination for individual families. Pacific Housing President Mark Wiese, one of the organization's founding members, has led the nonprofit since 1999. The organization focuses on affordable housing and resident services throughout California. The service component gives the project a broader community focus, particularly for families who may benefit from educational, financial and wellness resources in addition to affordable housing.

What The Development Team Is Bringing

KTGY Architecture is designing the project, while C&C Development is partnering on the development. The building will feature four floors of residential space above a parking garage. The project is being designed to fit into the larger master-planned community while providing its own courtyards and resident-focused amenities. Waterford's residential development platform is led by co-founder Sean Rawson, who specializes in affordable and workforce housing. Waterford says Rawson has helped the company acquire and develop thousands of residential units in California, with a particular focus on affordable housing and housing policy.

What The Financing Means for The Project

Construction financing for the Milpitas community was provided by California Bank & Trust, while Citibank is providing permanent loan financing. National Equity Fund is serving as the project's tax credit equity investor. The combination of tax credits, private activity bonds and institutional financing is helping support the development of new affordable housing in one of the country's most expensive housing markets.

What Comes Next for The Development

Construction is now underway, with completion targeted for early 2028. Once finished, the project will add 75 affordable homes along with family-oriented amenities, social services, fitness facilities, outdoor gathering spaces and transportation infrastructure. For Milpitas, the development adds another affordable housing component to a growing residential community while providing residents with services designed to support families beyond the apartment itself.