
BRIDGE Housing Acquires Daly City Complex from AvalonBay
BRIDGE Housing said Thursday it purchased the 195-unit Eaves Daly City complex from AvalonBay Communities and will preserve at least half the units as affordable. The company reportedly paid $65 million for the Daly City property, its third mixed-income acquisition in San Mateo County.
“The housing crisis demands urgent action, and this latest deal demonstrates our commitment to ensuring predictable, affordable rents and quality housing for working families in one of the country’s most expensive markets,” said Ken Lombard, BRIDGE president and CEO.
Morgan Stanley and National Equity Fund (NEF) provided financing as part of a partnership forged last year, in which BRIDGE secured a $250-million funding arrangement to facilitate expansion into multifamily acquisitions. The financing from Morgan Stanley and NEF also enabled BRIDGE’s acquisition last year of two adjacent properties – Terra Linda Manor and Northview – with 125 workforce housing units in the Marin County community of San Rafael.
- ◦Sale/Acquisition