SAN FRANCISCO--(BUSINESS WIRE)--BRIDGE Housing, a leading nonprofit developer, owner, and manager of affordable housing for 40 years, has expanded its efforts to address increasingly unaffordable rents in the Bay Area with the acquisition of a multifamily housing community in Daly City. This is the third acquisition of a mixed-income community by BRIDGE in San Mateo County.
BRIDGE purchased the 195-unit Eaves Daly City complex from AvalonBay Communities and will preserve at least half of the units in perpetuity for residents earning up to 80% of the Area Median Income. Currently, the units have no income restrictions. This workforce housing typically serves teachers, police officers, healthcare workers, and others who earn too much to qualify for subsidized housing but often cannot afford to live close to their jobs in major metropolitan areas.
“The housing crisis demands urgent action, and this latest deal demonstrates our commitment to ensuring predictable, affordable rents and quality housing for working families in one of the country’s most expensive markets,” said Ken Lombard, BRIDGE President and CEO. “It also reflects our decision to accelerate acquisitions to preserve existing workforce housing while continuing our traditional role developing new affordable units for low- and middle-income families. We are grateful to Morgan Stanley and NEF for their partnership.”
Morgan Stanley and National Equity Fund (NEF) provided financing as part of an innovative partnership forged last year by BRIDGE Housing CEO Ken Lombard. BRIDGE secured a $250 million funding arrangement to facilitate expansion into acquisitions of multifamily properties. The financing from Morgan Stanley and NEF also enabled BRIDGE’s acquisition of two adjacent properties – Terra Linda Manor and Northview – with 125 workforce housing units last year in the Marin County community of San Rafael.
“We are proud to work with partners like BRIDGE Housing and Morgan Stanley who share our belief that preserving affordable housing is just as important as creating new homes, especially in markets like San Francisco where the cost of housing continues to rise,” said Matt Reilein, president and CEO of National Equity Fund. “Through our collective efforts, we are working to make long-term rental affordability more accessible for individuals and families in Eaves Daly City.”
BRIDGE will soon begin an extensive, multi-year investment of approximately $23 million to improve the apartments and community facilities at Eaves Daly City. Built in 1972, the property includes 11 two- and three-story buildings on a site encompassing 8.2 acres.
The property consists of studio, one-bedroom, and two-bedroom units with fully equipped kitchens, as well as a pool, fitness center, and spa open to all residents. BRIDGE will assume management of the property from AvalonBay after an eight-month transition period.
Since 1983, BRIDGE has been an innovative leader in affordable housing along the West Coast by creating strong communities, improving residents’ lives, and delivering strong financial returns along with positive social impact. BRIDGE has participated in the development of more than 21,000 affordable units, with a total development cost of $5.2 billion; currently has a portfolio of 13,000 apartments that are home to 30,000 people; and has more than 8,000 units in its development pipeline across California, Oregon, and Washington.
“We have a decades-long track record of working with officials at all levels of government, fellow nonprofits, private developers, and financial institutions to strengthen communities through safe, stable and affordable housing,” Lombard said. “When affordable housing is needed more than ever, BRIDGE has the strategic vision and financial agility to respond quickly to create lasting solutions to this urgent crisis.”
About BRIDGE Housing
BRIDGE Housing’s mission is to strengthen communities and improve the lives of residents, beginning – but not ending – with affordable housing. A leading nonprofit developer and owner of affordable housing, BRIDGE creates and manages a range of high-quality, affordable homes for families and seniors in California, Oregon and Washington. Since it was founded in 1983, BRIDGE has participated in the development of more than 21,000 homes. For more information, visit www.bridgehousing.com.