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BRIDGE Housing Acquires Apartments in Bay Area, Portland Metro
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, OR 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.
Pictured: Avalon Berkeley.
- ◦Sale/Acquisition
