BRIDGE to Open LA-Area Affordable Community

Tomorrow, BRIDGE Housing will officially open Wellspring, an 88-unit fully affordable housing community in Long Beach, Calif. The new development will serve families and formerly homeless seniors.

BRIDGE broke ground on the $57.7 million project in 2021, in conjunction with TCC Family Health. SVA Architects served as main architect, while R.D. Olson Construction was the general contractor.

The community caters to families earning between 30 and 60 percent of the area median income. In addition, 20 units are set aside as permanent supportive housing for the formerly homeless seniors. Mental Health America Los Angeles and the YMCA of Greater Long Beach will provide resident services.

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The five-story building incorporates one-, two- and three-bedroom floorplans ranging between 565 and 1,316 square feet. Common-area amenities include an 18,000-square-foot community health and wellness center on the ground floor, a rooftop terrace, a community room, a courtyard, a playground, laundry facilities and approximately 150 parking spaces. Units feature Energy Star appliances and private balconies or patios.

Located at 1500 E. Anaheim St., in the Southwest Long Beach submarket, the community is near Route 1 and Interstate 710, which provide easy access across the Los Angeles metropolitan area. Colorado Lagoon and Long City Beach are within a 3-mile radius.

Converting, developing and preserving California’s affordable housing

Early 2024, BRIDGE told Multi-Housing News it will keep pursuing more acquisitions to protect the existing affordable housing stock, as well as the conversion of market-rate communities to affordable properties by tapping into new sources of capital.

Last year, the company paid $66.8 million for a 195-unit workforce housing community in Daly City, Calif. It was BRIDGE’s third purchase in a joint investment venture which provided $250 million for the acquisition, preservation and improvement of affordable housing communities along the West Coast.