Coronado Springs
Acquisitions
Development alone cannot meet the growing demand for affordable housing.
Preservation can be both faster and less expensive than new construction, and converting acquired market-rate units increases affordable housing supply.
Sierra Atilano
EVP – Head of Development & Southern California
BRIDGE Insights:
Perspectives from our Leadership Team
BRIDGE is accelerating our efforts to acquire market-rate developments and convert units to meet affordable housing income standards in the urban markets on the West Coast where we operate. We work in partnership with local housing agencies and other government entities, evaluating opportunities to purchase, rehabilitate, and refinance existing properties to ensure housing security for working families and seniors.
Many of these residents face possible eviction from their longtime homes as income restrictions expire and landlords are able to demand market-rate rents. Our acquisition strategy can be the difference between maintaining affordability or losing it to the market. In an environment where it takes significant time to secure entitlements and develop properties, our acquisition strategy creates the opportunity to move much faster to meet the intense demand for housing.
CASE Study
Gatewood Village
When BRIDGE acquired this 195-unit apartment community south of San Francisco, the development had no income restrictions. We decided to preserve at least half the units in perpetuity for residents earning up to 80% of the Area Median Income. This adds workforce housing in an extremely high-cost region for renters who earn too much to qualify for subsidized housing but cannot afford to live close to their jobs in the Bay Area. We are also investing about $23 million to upgrade the units and community facilities at the 11-building complex.
We are proud to work with partners like BRIDGE Housing and Morgan Stanley who share our belief that preserving affordable housing is just as important as creating new homes, especially in markets like San Francisco where the cost of housing continues to rise. Through our collective efforts, we are working to make long-term rental affordability more accessible for individuals and families in Eaves Daly City.”