Bridge Investment Group and Ethos Real Estate have joined forces to acquire Walnut Creek Manor, a 418-unit senior housing property in Walnut Creek. This deal aims to maintain the affordability of the community for its residents. As per the agreement, at least 75% of these naturally occurring affordable housing units will remain affordable for a minimum of 55 years.
The Bay Area Housing Finance Agency’s Regulatory Agreement stipulates that rents on deed-restricted units must not exceed the threshold set for households at or below 80% of Area Median Income. The partnership also includes Project Access, a nonprofit social services partner that will offer senior social and recreational activities as well as on-site health, education, and economic services.
Rachel Diller, CIO for Bridge’s Workforce & Affordable Housing strategy stated: “We are proud to be part of this innovative approach towards preserving local residents’ homes. Our Workforce & Affordable Housing strategy strives to be a catalyst for positive change and we look forward to continuing this work in collaboration with Ethos Real Estate.”
This acquisition marks an important step towards maintaining affordability in Walnut Creek without mentioning any specific company names such as Connect CRE or Connect LA.
