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NEW YORK CITY— Bridge Investment Group is going big on workforce & affordable housing, deploying $619 million of capital for its strategy that involves preserving and rehabilitating affordable housing stock.
The Salt Lake City, UT.-headquartered firm is aiming to renovate 8,000 units nationwide, focused on multifamily communities wherein a minimum of 51 percent of the units have a household income of 80 percent of the area's median income. The criteria are in line with the Community Reinvestment Act requirements.
Bridge is no newbie to affordable housing. The firm has executed the investments nationally and globally, without any government subsidies and have yielded risk-adjusted market returns and stable, secure cash flows.
To measure the firm's performance, Bridge uses metrics through the Global Impact Investing Network IRIS to audit and track its progress over time in the affordability and social and environmental space and to meet its compliance to CRA guidelines.
Operating in markets like Denver, CO; Chicago, IL; Las Vegas, NV; Salt Lake City, UT; and Nashville, TN, the firm has deployed capital in 21 assets across 16 markets and is continually focused on investing in affordable housing.
"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, in a prepared statement.
Over the past 28 years, the Workforce and Affordable Housing team have completed $5.1 billion in multifamily transactions requiring revitalization, which is a part of their socially responsible investing approach, said Robert Morse, chairman of Bridge Investment Group, in a prepared statement.
"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," he said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
