Bridge Housing Gives Affordable Senior Community a Face-Lift

The company purchased the 100-unit community in 2015 with a view to make capital improvements which ended up totaling $34 million.
Ocean View Senior Apartments, Pacifica, Calif.

Ocean View Senior Apartments, Pacifica, Calif.

Bridge Housing has completed the renovation of Ocean View Senior Apartments, a 100-unit community in Pacifica, Calif. The nonprofit developer, owner and manager of affordable housing acquired the property in 2015 with a view to preserve its affordability and make capital improvements.

We’re proud to have had the opportunity to preserve and enhance these much-needed homes for low-income seniors in Pacifica,” said Cynthia Parker, president & CEO of Bridge, in prepared remarks. “We look forward to keeping the affordability in place for at least the next 55 years.”

The makeover of the 1971 property was led by architect was Marx Okubo Associates and general contractor Deacon Corp. The rehabilitation included the enhancement of the building’s physical condition and systems and the installation of solar photovoltaic panels for increased energy efficiency. Property amenities include a clubhouse, two outdoor courtyards and newly created community garden beds. Residents now have access to improved on-site services such as free-of-charge wellness and nutrition classes and referral services.

Located at 555 Crespi Drive, the community is just off Route 1 and Pacifica State Beach. A shopping center anchored by Safeway and Ross is within walking distance. Financing for the $34 million recapitalization was provided by the County of San Mateo Department of Housing, the Housing Authority of the County of San Mateo, Merritt Community Capital Fund XVII, the California Housing Finance Agency, Heart of San Mateo County, the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee.

Other recent affordable initiatives in the Bay Area include Community Development Partners $21 million affordable veterans community in Vacaville, Calif.

Image courtesy of Bridge Housing