BRIDGE Housing Unveils 88-Unit Affordable Community in Long Beach

On April 16, 2024, BRIDGE Housing officially opened Wellspring, an 88-unit fully affordable housing community in Long Beach, California. This development is designed to cater to families and formerly homeless seniors.

Development Process

BRIDGE Housing initiated the $57.7 million project in 2021, in partnership with TCC Family Health. The main architect for the project was SVA Architects, with R.D. Olson Construction serving as the general contractor.

Community Details

Wellspring is tailored to families earning between 30 and 60 percent of the area median income. Additionally, it includes 20 units dedicated to permanent supportive housing for formerly homeless seniors. Resident services will be provided by Mental Health America Los Angeles and the YMCA of Greater Long Beach.

Housing Features and Amenities

The five-story building offers one-, two-, and three-bedroom floor plans ranging from 565 to 1,316 square feet. Common-area amenities include an 18,000-square-foot community health and wellness center, 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.

Location and Accessibility

Situated at 1500 E. Anaheim St. in the Southwest Long Beach submarket, Wellspring enjoys proximity to Route 1 and Interstate 710, providing easy access across the Los Angeles metropolitan area. Colorado Lagoon and Long City Beach are within a 3-mile radius.

BRIDGE Housing's Affordable Housing Initiatives

In early 2024, BRIDGE Housing expressed its commitment to acquiring more properties to protect and expand the existing affordable housing stock. This includes converting market-rate communities into affordable properties by leveraging new sources of capital.

Recent Acquisitions

In the previous year, BRIDGE Housing acquired a 195-unit workforce housing community in Daly City, California, for $66.8 million. This marked the company's third purchase in a joint investment venture, which allocated $250 million for acquiring, preserving, and enhancing affordable housing communities along the West Coast.