Bridge Investment Group Holdings and Bridge Workforce Funding have paid $101 million for a 418-unit apartment complex near Walnut Creek, with plans to turn it into workforce housing.
Affiliates of the Utah-based investors purchased the Walnut Creek Manor complex at 81 Mayhew Drive, in an unincorporated area outside the city, SiliconValley.com reported.
The seller was a family affiliated with Boswell Alliance Construction. The alliance, led by John Boswell, built the apartment complex in 1964. The deal works out to $241,627 per unit.
The one-story complex includes a pool, clubhouse, lounge, laundry facilities, on-site maintenance and a manager.
At the time of the purchase last month, the Bridge Investment affiliates obtained a $75.4 million loan from Newpoint Multifamily Housing.
The Bridge firms intend the apartment complex to serve residents who make less than 80 percent of area median annual income, generally considered typical for workforce housing for police officers, firefighters, teachers, healthcare workers, retail clerks and more.
“Our commitment to preserving and rehabilitating housing for America’s workforce demonstrates our firm’s environmental, social and governance mission,” Robert Morse, executive chairman for Bridge, told the news site run by the San Jose Mercury News.
Bridge Investment Group Holdings, an alternative investment firm founded in 2009, has $48 billion in assets under management, including 58,000 apartments and 3,400 single-family rentals and more than 12 million square feet of logistics warehouses, according to its website.
The firm has been selling off its office properties. In September last year, Bridge Investment sold a 15-story office building in Downtown Concord for $40.5 million, for a 42.6 percent loss on its investment.
— Dana Bartholomew
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