San Francisco-based BRIDGE Housing has acquired two multifamily communities in California and Oregon, accelerating its dual-track strategy to use acquisitions to both create and preserve housing for low-income households. The acquisitions of Avalon Berkeley (renamed Viewpoint) in Berkeley and Berry Ridge in the Portland suburb of Gresham, Oregon will add 319 affordable units to the BRIDGE Housing portfolio.
“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,” said BRIDGE Housing president and CEO Ken Lombard. “By preventing the expiration of affordability covenants and adding new rent restrictions to existing market-rate units, BRIDGE Housing is leveraging our acquisition strategy to make a meaningful impact on residents’ lives and communities.”
Acquisition terms were not disclosed. This is the second Bay Area property BRIDGE Housing has acquired from AvalonBay Communities. In 2022, it purchased a 195-unit community in Daly City, south of San Francisco, and preserved 99 apartments as affordable.
BRIDGE Housing is a leader – four decades in the making – in creating safe, healthy, and affordable housing communities up and down the West Coast where residents are empowered to grow and thrive. Each day, we are guided by the same dedication and commitment of our visionary founders. Learn more about BRIDGE Housing’s origins, leaders, and milestones in expanding access to affordable housing. Our committed and experienced team believes in disrupting the status quo. We cultivate innovative partnerships while deploying a variety of public and private financing vehicles to deliver quality affordable housing in communities where demand outpaces supply and costs are often out of reach.
