BRIDGE Housing announced on Thursday that it has purchased the 195-unit Eaves Daly City complex from AvalonBay Communities. The company reportedly paid $65 million for the property, its third mixed-income acquisition in San Mateo County. At least half of these units will be preserved as affordable housing to help address the current housing crisis.
Ken Lombard, BRIDGE president and CEO, commented: “The housing crisis demands urgent action and this deal demonstrates our commitment to providing predictable, affordable rents and quality housing for working families in one of America’s most expensive markets.”
Morgan Stanley and National Equity Fund (NEF) provided financing as part of a partnership forged last year with BRIDGE which secured a $250 million funding arrangement to facilitate expansion into multifamily acquisitions. This financing enabled BRIDGE’s acquisition last year of two adjacent properties – Terra Linda Manor and Northview – with 125 workforce housing units located in San Rafael’s Marin County community.
