BRIDGE Housing, a prominent player in affordable housing in the Bay Area, has expanded its portfolio by acquiring two multifamily communities in California and Oregon. The properties in question are the Avalon Berkeley, now dubbed Viewpoint, in Berkeley and Berry Ridge in Gresham, OR. By securing these communities, BRIDGE adds an impressive 319 affordable housing units to its substantial offering.
Viewpoint will transform by converting additional units to affordable housing, bringing the total to 71 affordable homes out of 94. "The Avalon Berkeley and Berry Ridge acquisitions demonstrate our commitment to maintaining and increasing the supply of stable, long-term affordable housing in some of the country’s costliest markets," Ken Lombard, president and CEO of BRIDGE Housing, told ConnectCRE. The specifics of the transactions were not disclosed, but they follow on the heels of a prior acquisition from AvalonBay Communities in Daly City in 2022.
Berry Ridge, featuring 248 units, also emphasizes accessibility for residents earning up to 60 percent of the Area Median Income (AMI). With its affordability agreement set to expire soon, BRIDGE intends to extend these terms for the community's long-term benefit. The assistance of a financing agreement with Morgan Stanley and the National Equity Fund facilitated the acquisitions, as did collaborations with various city and housing authorities.
Within this past month, BRIDGE Housing has ensured more than 600 apartments avoid the transition to market rate, exemplifying a broader trend identified by C.W. Early, the senior managing director & affordable housing leader at JLL. Early detailed to Multi-Housing News, "Property owners leverage various tools to ensure economic viability while benefiting residents, primarily through affordable housing tax exemptions, entitlement variances and tax-exempt bond financing." This year, BRIDGE preserved existing communities and commenced seven new construction projects, with nearly 14,800 units expected by the end of 2024 and more than 10,000 in development and acquisition phases.
