BRIDGE Housing has unveiled its inaugural private equity vehicle, the BRIDGE Housing Impact Fund I, which is on track to raise $350 million of equity and enable approximately $1 billion in investment capacity. The fund aims to acquire, preserve, and create affordable and workforce housing in major metropolitan areas across California, Oregon, and Washington. 

KeyBank and BMO are anchoring the fund with $25 million each, joined by PGIM Real Estate as a launch investor. BRIDGE expects to announce additional institutional stakeholders in the coming months, making this one of the largest equity funds ever managed by a nonprofit affordable housing provider. 

“We are innovating every day to extend our reach and capacity to build, acquire, and redevelop affordable housing communities on the West Coast,” said Ken Lombard, President and CEO of BRIDGE Housing. 

The fund will focus on three strategies: preserving units with expiring income restrictions, converting market-rate properties into affordable and workforce housing, and acquiring naturally occurring affordable housing. BRIDGE anticipates acquiring about 20 properties totaling 3,500 units during the three-year investment period—at a time when more than 50,000 West Coast affordable housing units are at risk of losing protections in the next five years. 

Connect Money will spotlight rising stars who have made a valuable contribution to the alternative investment industry. Based on your nomination, we will recognize professionals who have significantly influenced both the workplace and community. The deadline is September 10. Click here to submit your nominations.