Ethos Real Estate and Bridge Investment Group Announce Agreement to Preserve Affordability of Hundreds of Apartments in Santa Ana
SANTA ANA, Calif.--(BUSINESS WIRE)-- Ethos Real Estate and Bridge Investment Group have finalized a deal to preserve hundreds of apartment units at Horizon Apartments as affordable housing for the Santa Ana community.
Bridge and Ethos are restricting a minimum of 50% of the units at Horizon Apartments as affordable for households earning at or below 80% of the Area Median Income (AMI). Additionally, the new owner will offer residents social and recreational programs, along with on-site health, education, and economic services, through Bridge’s long-time nonprofit partner, Project Access.
“In a time of limited public resource, we are proud to be working with Bridge Investment Group to preserve affordable housing,” said Jennifer Keith, Ethos Co-Founder and Managing Partner. “This investment helps reduce displacement and keeps existing communities intact while also providing needed upgrades to our aging housing stock.”
Rachel Diller, Chief Investment Officer for Bridge’s Workforce & Affordable Housing strategy, said “Bridge is excited to work in partnership with Ethos Real Estate to help keep local residents in their homes. Our Workforce & Affordable Housing strategy seeks to be a catalyst for positive change, and we are proud to continue this work with Ethos.”
Residents of Horizon Apartments will join with representatives of Ethos, Bridge Investment Group and Project Access to celebrate the agreement at the apartment community on December 5th and 6th.
About Bridge Investment Group
Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $48.9 billion of assets under management as of June 30, 2024. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies. For more information, visit: www.bridgeig.com
About Ethos Real Estate
Ethos Real Estate was conceived to address the critical housing shortage with a new approach. With a collective track record in real estate investment banking, private equity, development and partnership with the public sector, the principals of Ethos successfully established new investment structures that leverage private capital for the production of housing at all income levels. As a result, Ethos has become a trusted partner to public agencies and communities seeking to address their housing needs, with a mission to create positive change and a new narrative for residents, communities and the housing system. For more information, visit: www.ethos-re.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20241018800015/en/
Media:
Charlotte Morse
Bridge Investment Group Holdings Inc.
charlotte.morse@bridgeig.com
(877) 866-4540
Media:
Jade Tolar
Somos Group
jade@somosgroup.org
(213) 647-4952
Source: Bridge Investment Group
Released October 18, 2024