The acquisition of Skyline Apartments marks the Fund’s second investment and first 100%- conversion project as part of its strategy to increase access to affordable and workforce housing
SAN FRANCISCO (September 30, 2026) – BRIDGE Housing, the leading nonprofit affordable housing owner and developer on the West Coast, today announced that BRIDGE Housing Impact Fund I has acquired a suburban San Diego apartment community and will convert all 128 market-rate units to long-term affordable housing.
Half of the units will be for households earning up to 60% of the Area Median Income (AMI), with the remainder for households earning up to 80% of AMI. BRIDGE will also invest in capital improvements, with plans to spend more than $2 million on exterior improvements and deferred maintenance.
Skyline Apartments is located in Spring Valley, approximately 12 miles east of downtown San Diego and within a 15-minute drive of major employment hubs supporting more than 250,000 jobs.
This marks the second acquisition by the Impact Fund, and its first 100% market-rate conversion investment. The BRIDGE Impact Fund is an innovative investment platform to accelerate the purchase, preservation, and creation of affordable and workforce housing in high-cost markets. BRIDGE anticipates the Fund will acquire approximately 20 properties totaling an estimated 3,500 units on the West Coast.
“In markets like San Diego, acquiring and repositioning market-rate apartments through income restrictions is one of the fastest and most efficient ways to lock in affordable rents for the long-term,” said BRIDGE Housing President and CEO Ken Lombard. “The Skyline purchase demonstrates the Fund’s ability to deliver meaningful impact for working families through institutional investment in mission-driven work.”
“This acquisition will provide working families with access to high-quality, long-term affordable housing that is closer to jobs, schools and services,” said BRIDGE Chief Real Estate Officer Sierra Atilano. “The BRIDGE Housing Impact Fund is advancing BRIDGE’s mission and expanding our presence in San Diego, which continues to be one of California’s most expensive housing markets.”
BRIDGE has developed 12 housing communities in the San Diego area, where it has more than 2,000 affordable apartments open or under development. San Diego County faces a significant housing affordability crisis. Nearly 60% of renters are cost-burdened, meaning they spend at least 30% of their income on housing, according to the Nonprofit Institute at the University of San Diego.
About BRIDGE Housing
BRIDGE Housing Corporation is a leading nonprofit owner, developer, and manager of high-quality affordable housing on the West Coast, with a mission to strengthen communities and improve lives. Founded in 1983, BRIDGE Housing has participated in the creation of more than 24,000 affordable homes in California, Oregon, and Washington, with a total development cost of $7 billion. Its current $4.8 billion portfolio totals about 15,500 apartments that are home to nearly 35,000 residents, and thousands more units in the development and acquisition pipelines. For more information, visit bridgehousing.com.
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