Essential Housing

Essential Housing Strategy

Opportunity

Latitude33 presented a unique opportunity to preserve high-quality housing for workforce households increasingly priced out of the region. It was acquired off-market directly from ownership, the transaction allowed for immediate impact without the delay of new construction, in a community facing mounting housing affordability challenges.

Acquisition Strategy

The acquisition was structured through a Joint Powers Authority (JPA) partnership between a statewide governmental entity and the City of Escondido. Ascenda Capital served as Project Administrator, facilitating the acquisition, executing the affordability strategy, and overseeing asset management. Renovations were implemented to further enhance quality and appeal, while rents were strategically reduced to meet the needs of moderate-income households.

The project received unanimous approval by the Escondido City Council, underscoring broad civic support for the innovative essential housing solution.

Impact

Latitude33 delivers a rare blend of affordability, quality, and livability for moderate-income households in Escondido—an underserved segment often referred to as the “missing middle.” By converting a high-quality market-rate property into income-restricted essential housing, the project offers renovated units at reduced rents without compromising on design, amenities, or professional management standards. This structure creates meaningful rent savings compared to prevailing market rates, making well-maintained, modern housing accessible to households traditionally excluded from subsidized programs. The inclusion of townhome-style layouts—an uncommon feature in workforce housing—further enhances the resident experience by providing more space, privacy, and functionality. For many tenants, Latitude33 represents an opportunity to move out of aging, overcrowded rental stock and into a thoughtfully designed community that aligns with their income and lifestyle needs.