Bridge, Ethos Partner to Preserve Affordability in Walnut Creek

Bridge Investment Group and Ethos Real Estate have acquired the 418-unit Walnut Creek Manor in Walnut Creek, in a deal to keep the senior housing property affordable for the residents in the community. Under the agreement, at least 75% of these naturally occurring affordable housing units are slated to remain affordable for at least 55 years.

The Regulatory Agreement administered by the Bay Area Housing Finance Agency requires that rents on deed-restricted units do not exceed the affordable threshold for households at or below 80% of Area Median Income. In addition, the partnership includes a nonprofit social services partner, Project Access, which will provide 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, said “Bridge is proud to be a part of this innovative approach to keeping local residents in their homes. Our Workforce & Affordable Housing strategy seeks to be a catalyst for positive change, and we are excited to continue this work in partnership with Ethos Real Estate.”