BRIDGE Buys Portland Community, Preserves Affordability
The garden-style apartments' affordability covenants were nearing expiration.
BRIDGE Housing has acquired Bethany Meadows, an affordable community in Portland. The acquisition preserves 340 apartments as long-term low-income housing, saving the units from a potential transition to market-rate rents.
Bethany Meadows is made up of income-restricted one- and two-bedroom homes for households earning 60 percent of Area Median Income. The affordability restrictions on the apartments had been poised to expire in two to three years.
Located at 16145 NW Spartan Way near Beaverton, Ore., Bethany Meadows is a garden-style community featuring two- and three-story buildings. The community was constructed in two phases. Completed in 1997, Phase I features 208 units. Built the following year, Phase II offers 132 units.
BRIDGE acquired both phases of the community in addition to purchasing 577 surface parking spaces. Detached garages are available for an additional $75 per month.
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Features and finishes of units include high-speed Internet access and in-unit washers/dryers. Common-area amenities include a pool, spa, fitness center and clubroom. The community is 98 percent occupied, Yardi Matrix data shows.
The community is nearby public transit and high-performing public schools. Bethany Meadows is also located proximate to multiple job centers. Downtown Portland is approximately 10 miles away.
A financing arrangement involving Morgan Stanley and National Equity Fund supported BRIDGE Housing’s investment. It provided a $250 million revolving credit facility, enabling BRIDGE to move swiftly to acquire and preserve the affordable housing. The strategy’s use of private equity and debt cut the time and complexity of gaining traditional affordable housing finance.
In a prepared statement, a BRIDGE official noted the preservation of affordability at Bethany Meadows not only served to advance the company’s mission, but meaningfully benefitted the community’s residents well into the future.
Earlier this year, the nonprofit developer also opened another affordable housing community in the Portland-area. Cedar Rising features 83 fully affordable units ranging from 357 to 1,078 square feet. All residences cater to households earning between 30 and 60 percent of the AMI.
