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BRIDGE Housing Acquires Oregon, California MF Properties
BRIDGE Housing, a nonprofit affordable housing developer and manager on the West Coast, has purchased two multifamily communities in California and Oregon.
The acquisitions of Avalon Berkeley in Berkeley, California, and Berry Ridge in Gresham, Oregon, will add 319 affordable units to the BRIDGE Housing portfolio by preserving 262 affordable apartments and creating 57 more by converting market-rate units.
“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.”
Both acquisitions were supported by an financing arrangement with Morgan Stanley and National Equity Fund.
