BRIDGE Housing has acquired Bethany Meadows, an affordable housing community located near Beaverton, Oregon, ensuring the long-term affordability of 340 apartments that were at risk of transitioning to market-rate rents.
“We are accelerating our efforts in both development and acquisition as we continue to expand our portfolio across the West. Our goal is to create a lasting, positive impact for families and communities,” said Ken Lombard, President and CEO of BRIDGE Housing.
Bethany Meadows features one- and two-bedroom income-restricted apartments for households earning up to 60% of the Area Median Income in the Portland Metro Area. The affordability restrictions were set to expire in 2-3 years, making this acquisition vital for preserving affordable housing in the region.
This acquisition is part of BRIDGE Housing’s broader strategy to preserve affordable housing across the West Coast, where many properties are facing the expiration of long-term affordability covenants. With more than 13,600 units in California, Washington, and Oregon, BRIDGE is one of the region’s leading nonprofit developers and managers of affordable housing.
The complex consists of two phases, built in 1997 and 1998, with a total of 340 units and amenities including a clubroom, fitness center, pool, and spa. BRIDGE’s acquisition was made possible through a $250 million revolving credit facility from Morgan Stanley and National Equity Fund, which allows for quicker acquisition and preservation of affordable housing.
“This investment is a significant step toward ensuring that more families have access to affordable housing,” said Sierra Atilano, BRIDGE’s Head of Development. “We are committed to expanding our impact and providing affordable homes in high-cost regions.”
Bethany Meadows is BRIDGE Housing’s second acquisition in Washington County this year, following the opening of Cedar Rising, an 82-unit affordable community in Aloha. With more than 10,800 affordable apartments currently in development, BRIDGE plans to continue its expansion through both new development and strategic acquisitions.
BRIDGE Housing’s approach is backed by strong public and private partnerships and a high AA- credit rating from S&P Global Ratings. Recently, BRIDGE received an $8 million donation from philanthropist MacKenzie Scott’s Yield Giving organization, further supporting its mission to deliver affordable housing solutions.
