Bridge Investment Group, a real estate investment management firm based in Utah, recently announced plans to funnel $619 million into its Workforce & Affordable Housing Strategy initiative that will flow into 8,000 housing units across the country. The funding will be used to create and preserve workforce housing by conserving and rehabilitating affordable housing stock while providing attractive risk-adjusted market returns and stable, secure cash flows.
“Bridge has targeted submarkets across the U.S. with accelerated population and job growth, where quality affordable housing is in short, diminishing supply,” said Danuel Stanger, partner and vice chairman of Bridge and co-chief investment officer of Bridge’s Workforce & Affordable Housing strategy. “Our team has deployed capital in 21 assets in 16 markets and is continually focused on a socially responsible approach to investing in this space. This success marks another milestone on our journey to provide communities with access to ample and quality affordable housing.”
To help target where the investments will have the greatest impact, Bridge is reviewing its holdings in Chicago, Denver, Las Vegas, Nashville, and Salt Lake City to identify opportunities. To satisfy Community Reinvestment Act requirements, Bridge is looking for communities where a minimum of 51% of the units are occupied by families that earn a maximum of 80% of the area’s median income. The effort marks an ongoing commitment by Bridge to help provide more affordable housing.
“Over the past nearly 28 years, our Workforce & Affordable Housing team has completed $5.1 billion of multifamily transactions focusing on capital improvements and operational efficiencies and has consistently been at the forefront of community revitalization,” said Robert Morse, chairman of Bridge Investment Group. “With our substantial experience as a hands-on owner-operator in providing more than just ‘four walls and a roof’ to thousands of families across the U.S., we are well-positioned to create meaningful and measurable impact in driving social and economic mobility while also providing attractive returns.”
The value of the returns will be quantified by using the Global Impact Investing Network IRIS metrics. Bridge also reports semiannually on metrics tied to the U.N. Sustainable Development Goals.
