BRIDGE Housing Acquires Two Pacific Northwest Properties
SAN FRANCISCO, CA, April 21, 2014—BRIDGE Housing, a leading nonprofit developer, owner and manager of affordable housing, has acquired two properties in the Pacific Northwest: the 474-apartment Tressa in Seattle, and the 111-unit Woodland Park Apartments in Hillsboro, OR.
“These acquisitions are a part of our five-year strategic initiative to expand geographically,” said BRIDGE Housing President and CEO Cynthia Parker, who has deep roots in the region. “We’re excited about working in the Pacific Northwest, where we believe BRIDGE’s core values are well-aligned. We are committed to being a great community partner with our mission of quantity, quality and affordability.”
Originally built in 1980, Woodland Park Apartments is a transit-oriented, affordable property located 20 minutes from downtown Portland via light rail. It serves families and senior/disabled households.
Tressa, in North Seattle, offers affordable family rental apartments in an area that has easy access to jobs and other amenities. The 2010 development features two commercial spaces: a YMCA child care as well as a 1,400-square-foot retail space for which BRIDGE will actively seek a neighborhood-serving tenant.
In addition to Woodland Park and Tressa, BRIDGE is developing The Abigail in the northern end of Portland’s Pearl District. The 155 unit mixed-income property will include 128 affordable apartments for families, and BRIDGE will work with educational and social services partner Impact NW to create programming that will best serve the residents. Construction is expected to start in summer 2014.
For more information about BRIDGE Housing, visit www.bridgehousing.com.