Bridge Housing, the San Francisco-based nonprofit affordable housing owner and developer focused on West Coast markets, has launched its first private equity fund.
Bridge Housing Impact Fund I is in the process of raising $350 million of equity, enabling about $1 billion in investment potential to acquire, preserve, and create affordable and workforce housing in major metropolitan areas in California, Oregon, and Washington. KeyBank, BMO and PGIM Real Estate are launch investors, and Bridge stated that it planned to announce additional stakeholders in the coming months.
Bridge Housing anticipates acquiring about 20 properties, with an estimated total of 3,500 units, during the fund’s three-year investment period. The organization said it now has more than 14,500 units and over $4 billion in total assets.
“We are innovating every day to extend our reach and capacity to build, acquire, and redevelop affordable housing communities on the West Coast,” said Ken Lombard, president and CEO. “Our Impact Fund will enable us to move quickly on acquisitions not only to protect long-term affordability but also to add new affordable and workforce housing by converting market-rate units into homes for low- and middle-income earners, driving greater and faster impact along with steady returns for investors.”
