Bridge Housing, Morgan Stanley, And NEF Acquire Multifamily Property In Daly City For $66M

Avalon Communities' multifamily property located at 500 King Drive in Daly City has been acquired by Bridge Housing, in partnership with Morgan Stanley and NEF, for a price of $66 million. The property spans 140,000 square feet and includes a total of 642 units. With a purchase price per unit (PPU) of $102,803 and a price per square foot (PPSF) of $471, this acquisition aims to provide affordable housing options.

Summary of transaction details

• Property Type: Multifamily
• Sale Price: $66,000,000
• Address: 500 King Drive, Daly City
• Market: Daly City
• Units: 642
• Price per Unit (PPU): $102,803
• Square Footage: 140,000
• Price per Square Foot (PPSF): $471

Bridge Housing collaborated with Ken Lombard and Jet Doye, representing Bridge Housing, along with James Gorman from Morgan Stanley, and Matt Reilein from NEF, to facilitate this transaction. This acquisition marks Bridge Housing's second purchase, following the acquisition of Terra Linda Northview Apartments in San Rafael. The goal of this partnership is to maintain 125 units at 80 percent of the Area Median Income (AMI) for a duration of 99 years.