Bridge Investment Group and Ethos Real Estate Announce Agreement to Keep Hundreds of Apartments Affordable
July 16 2024 - 8:15AM
Business Wire
Bridge Investment Group and Ethos Real Estate have reached a
deal to keep hundreds of apartment units at Walnut Creek Manor
affordable for the residents in the community.
Residents in the 418-unit property are now assured that their
homes will remain affordable thanks to the acquisition of the
apartment complex by a partnership between Bridge and Ethos. Under
the agreement, at least 75% of these naturally occurring affordable
housing units are slated to remain long-term affordable units for
at least 55 years.
The Regulatory Agreement administered by the Bay Area Housing
Finance Agency requires that rents on deed-restricted units (at
least 75% of the property) do not exceed the affordable threshold
for households with incomes at or below 80% of Area Median Income
(AMI). In addition, the partnership includes a non-profit social
services partner, Project Access, which will provide senior social
and recreational activities as well as on-site health, education,
and economic services for residents.
“This has been an exciting project for us,” said Jennifer Keith,
Ethos co-founder and Managing Partner. “Projects like this one are
a win-win. They provide security to the residents, improve
community stability, and ensure long-term viability for cities as
housing becomes more expensive.”
Rachel Diller, Chief Investment Officer 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,” she
said. “Working with our partners to preserve affordable housing in
Walnut Creek helps to create vibrant, thriving communities that
exist as more than just ‘four walls and a roof.’”
“Our organization offers relevant programs and services to
residents within their own apartment community, directly connecting
them to vital and beneficial resources that provide life-enhancing
assistance in the areas of health and wellness, economic stability,
education for families and seniors, and community building,” said
Kristin Byrnes, CEO and President of Project Access Resource
Centers.
County Supervisor Ken Carlson called the agreement a model for
Walnut Creek, Contra Costa County and beyond.
“As rents continue to rise in Walnut Creek and other areas of
the county and state, this project shows a path forward to keeping
the most vulnerable people in our communities in their homes,”
Carlson said. “Working together, government, non-profits and the
private sector can create meaningful solutions to the challenges
all communities face.”
Residents of Walnut Creek Manor will join with affordable
housing advocates, county leaders, and representatives of Ethos,
Project Access, and Bridge Investment Group to celebrate the
agreement at the apartment community on Friday, July 26th at 10:00
A.M.
About Bridge Investment Group
Bridge is a leading alternative investment manager, diversified
across specialized asset classes, with approximately $48.0 billion
of assets under management as of March 31, 2024. Bridge combines
its nationwide operating platform with dedicated teams of
investment professionals focused on select verticals across real
estate, credit, renewable energy and secondaries strategies.
About Ethos Real Estate
Ethos Real Estate was conceived to address the critical housing
shortage using a new approach. With a collective track record in
real estate investment banking, private equity, development and
partnership with the public sector, the principals of Ethos
successfully established new investment structures that leverage
private capital for the production of housing that serves all
income levels. As a result, Ethos has become a trusted partner to
public agencies and communities seeking to address their housing
needs, with a mission to create positive change and a new narrative
for residents, communities and the housing system. For more
information, visit: www.ethos-re.com.
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Media
Bridge: Charlotte Morse Bridge Investment Group Holdings
Inc. (877) 866-4540 charlotte.morse@bridgeig.com
Ethos Real Estate: Jade Tolar +1 213-647-4952
jade@somosgroup.org