Bridge Investment Group Announces Acquisition of Boston-Area Workforce & Affordable Housing Portfolio

Rhea-AI Summary

Bridge Investment Group Holdings Inc. has announced the acquisition of a six-property portfolio of Workforce & Affordable Housing properties in the Greater Boston area, totaling 1,722 residential units. The portfolio is located in four high-barrier-to-entry counties and offers convenient access to major transportation arteries. Bridge aims to create vibrant communities and enhance the quality of life for Boston-area residents.

SALT LAKE CITY--(BUSINESS WIRE)-- Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”) today announced that a fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge, has closed on the acquisition of a six-property portfolio of Workforce & Affordable Housing properties in the Greater Boston area, with a total of 1,722 residential units.

Rachel Diller, Chief Investment Officer for Bridge’s workforce and affordable housing strategy commented: “The acquisition expands our Workforce & Affordable Housing geography into another attractive major market. The portfolio consists of well-located assets within four high-barrier-to-entry counties in the Greater Boston area, offering convenient access to major transportation arteries. Our commitment to preserving and rehabilitating housing for America’s workforce remains strong. We will provide social and community programming that focuses on the education, health and financial wellness of our residents. We aim to create vibrant, thriving communities that are more than just ‘four walls and a roof’ and look forward to enhancing the quality of life for our Boston-area residents.”

Bridge drives value by making upgrades to unit interiors and common areas, executing with a vertically integrated, best-in-class property management team, while preserving irreplaceable affordable housing for the “missing middle.”

About Bridge

Bridge is a leading alternative investment manager diversified across specialized asset classes, with approximately $48.9 billion of assets under management as of June 30, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy, and secondaries strategies.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge undertakes no duty to publicly update any forward-looking statements made herein or otherwise, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of Bridge or any investment fund managed by Bridge or its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230808820023/en/

Shareholder Relations:

Bonni Rosen

Bridge Investment Group Holdings Inc.

shareholderrelations@bridgeig.com

Media:

Charlotte Morse

Bridge Investment Group Holdings Inc.

(877) 866-4540

press@bridgeig.com

Source: Bridge Investment Group Holdings Inc.

FAQ

What did Bridge Investment Group Holdings Inc. announce?

Bridge announced the acquisition of a six-property portfolio of Workforce & Affordable Housing properties in the Greater Boston area.

How many residential units are included in the portfolio?

The portfolio consists of a total of 1,722 residential units.

Where are the properties located?

The properties are located in the Greater Boston area, specifically in four high-barrier-to-entry counties.

What is Bridge's goal with this acquisition?

Bridge aims to create vibrant, thriving communities and enhance the quality of life for its Boston-area residents.

What type of housing does Bridge focus on?

Bridge focuses on Workforce & Affordable Housing.

Will Bridge make any upgrades to the properties?

Yes, Bridge plans to make upgrades to unit interiors and common areas.

What is Bridge's approach to property management?

Bridge executes with a vertically integrated, best-in-class property management team.

What is Bridge's commitment regarding affordable housing?

Bridge is committed to preserving and rehabilitating affordable housing for the 'missing middle'.

Will Bridge provide additional programs for residents?

Yes, Bridge will provide social and community programming focusing on education, health, and financial wellness.

What is the stock symbol for Bridge Investment Group Holdings Inc.?

The stock symbol for Bridge is BRDG and it is listed on NYSE.