Ethos Real Estate Partners with Bridge Investment Group
Ethos Real Estate and Bridge Investment Group have entered into a significant agreement that marks a substantial step forward in addressing the affordable housing crisis. This partnership seeks to preserve hundreds of apartment units at Horizon Apartments, ensuring they remain affordable for the local community in Santa Ana.
Commitment to Affordable Housing
The deal includes a commitment to designate at least 50% of the units at Horizon Apartments as affordable for households earning at or below 80% of the Area Median Income (AMI). This initiative not only focuses on maintaining affordability but also integrates a broader community support framework. New residents will have access to various on-site services, including health and educational programs, provided through the collaboration with Project Access, a nonprofit partner.
Enhancing Community Stability
Jennifer Keith, Co-Founder and Managing Partner at Ethos, expressed pride in this partnership, detailing the importance of such initiatives in today’s economic climate. “In a time of limited public resources, we are proud to be working with Bridge Investment Group to preserve affordable housing outside of the constraint of traditional funding,” she stated. This effort aims to reduce community displacement, ensuring that existing residents can remain in their homes while receiving needed upgrades to their living conditions.
Employee Engagement at Horizon Apartments
Rachel Diller, the Chief Investment Officer overseeing Bridge’s Workforce & Affordable Housing strategy, emphasized the engagement with residents directly impacted by this agreement. She noted, “Bridge is excited to work in partnership with Ethos Real Estate to help keep local residents in their homes.” The goal is not just financial but focused on creating an environment where residents feel supported and valued.
Community Celebration Event
As a culmination of this important development, residents of Horizon Apartments are set to celebrate this partnership with representatives from both Ethos and Bridge Investment Group. A community event will take place, fostering camaraderie and collaboration among residents, staff, and community leaders.
About Bridge Investment Group
Bridge Investment Group stands as a leader in the alternative investment sector. With approximately $48.9 billion of assets under management, Bridge is known for its diversified strategies across various asset classes. Their focus on specialized verticals, including real estate and renewable energy, reflects a commitment to responsible investment aimed at generating positive societal outcomes. This aligns with their mission to support meaningful community developments.
About Ethos Real Estate
Ethos Real Estate was established to address the pressing housing shortage by introducing innovative investment structures aimed at increasing housing availability for all income levels. Their deep-rooted relationships within various public agencies empower them to tackle housing challenges effectively. Ethos continually seeks to create a narrative that fosters positive community impact, connecting various stakeholders to achieve sustainable housing solutions.
Frequently Asked Questions
What is the goal of the partnership between Ethos and Bridge?
The partnership aims to preserve affordable housing options at Horizon Apartments while providing additional community support services to residents.
How many units will remain affordable?
At least 50% of the units at Horizon Apartments will be designated as affordable for households earning at or below 80% of the Area Median Income (AMI).
What support will residents receive?
Residents will have access to on-site health, education, and economic services offered through Project Access, alongside recreational programs.
When will the community celebration take place?
The community celebration event will occur on December 5th and 6th, welcoming local residents and partners to celebrate the new agreement.
What is Bridge Investment Group's focus?
Bridge Investment Group focuses on diversification across specialized asset classes, with an emphasis on real estate, credit, renewable energy, and secondaries strategies.
