BRIDGE Housing, a nonprofit organization dedicated to providing affordable housing on the West Coast, has recently acquired two multifamily communities in California and Oregon.
The properties in question are Avalon Berkeley located in Berkeley, California and Berry Ridge located in Gresham, Oregon. These acquisitions will contribute 319 affordable units to BRIDGE Housing’s portfolio by preserving 262 existing affordable apartments and creating an additional 57 units by converting market-rate units.
According to Ken Lombard, President and CEO of BRIDGE Housing: “The acquisition of Avalon Berkeley and Berry Ridge showcases our commitment towards maintaining a steady supply of long-term affordable housing options in some of the most expensive markets across the country. By preventing affordability covenants from expiring and implementing new rent restrictions on market-rate units already present within these properties, we are utilizing our acquisition strategy effectively to make a positive impact on residents’ lives as well as their surrounding communities.”
Both acquisitions were made possible through financing provided by Morgan Stanley along with support from National Equity Fund.
This news was originally reported on Connect CRE.
