BRIDGE Housing, a San Francisco-based housing organization, has recently acquired two multifamily communities in California and Oregon. This move is part of their dual-track strategy to both create and preserve affordable housing for low-income households. The properties, Avalon Berkeley (now renamed Viewpoint) in Berkeley and Berry Ridge in Gresham, OR will add 319 affordable units to BRIDGE Housing’s portfolio.
According to Ken Lombard, president and CEO of BRIDGE Housing: “The acquisitions of Avalon Berkeley and Berry Ridge demonstrate our commitment to maintaining a stable supply of long-term affordable housing in some of the most expensive markets in the country.” By preventing affordability covenants from expiring on existing units while also adding new rent restrictions on market-rate apartments, BRIDGE Housing aims to make a positive impact on residents’ lives and communities.
While specific details about the acquisition terms were not disclosed publicly, this is not the first time that BRIDGE Housing has acquired properties from AvalonBay Communities. In 2022 they purchased another community with 195 units located south of San Francisco in Daly City. With this purchase they were able preserve 99 apartments as affordable.
In addition to these recent acquisitions by BRIDGE Housing pictured here at Avalon Berkeley (now known as Viewpoint), they are actively seeking out other opportunities for growth within their mission-driven approach towards providing quality homes for those who need it most.
