BERKELEY — A majority of the units in an apartment complex in Berkeley would become affordable as a result of a deal valued at more than $50 million.
Bridge Housing, through an affiliate, has paid $31.9 million to buy the 94-unit complex now called Viewpoint, according to documents filed on Dec. 9 with the Alameda County Recorder’s Office.
“The acquisitions demonstrate our commitment to maintaining and increasing the supply of stable, long-term affordable housing in some of the country’s costliest markets,” said Bridge Housing CEO Ken Lombard.
The apartments, located at 651 Addison St. and built in 2014, are just around the corner from the interchange of Interstate 580 and University Avenue, county real estate records show.
“The five-story building includes a clubroom, fitness center and rooftop lounge with views of downtown San Francisco and the Bay,” Bridge Housing stated. “It is located within walking distance of stores.”
The 94 units at Viewpoint consist of studios, and one-bedroom and two-bedroom apartments. Of the 94 units, 14 are rent-restricted for households earning up to 50% to 80% of the area median income. In mid-2024, the area median income for a household of four in Alameda County was $155,700, according to official estimates issued by the state Housing Development Policy unit.
Of the remaining 80 market-rate units, Bridge Housing plans to convert 57. This would increase the number of affordable apartments to 71, or 75% of the full residential community.
The total value of the purchase package was $54.8 million, including financing for the purchase that NEF Preservation PB Fund provided to Bridge Housing’s affiliate, real estate records show.
“By preventing the expiration of affordability covenants and adding new rent restrictions to existing market-rate units, Bridge Housing is leveraging our acquisition strategy to make a meaningful impact on residents’ lives and communities,” Lombard said.
Separately, Bridge Housing bought an apartment complex in an area of Oregon that’s near Portland.