The BLVD Group has acquired a 164-unit affordable housing community in Belmont, California.
The sale of Bonnie Brae Terrace marks the first time the senior housing development has traded hands since the recent owner developed the property in 1971.
“We are excited to add to our growing portfolio and to continue our commitment to shaping strong, inclusive neighborhoods by preserving affordability in a market that desperately needs it,” said Jake Walker, managing principal of The BLVD Group.
Over the last decade, BLVD has acquired, redeveloped, and preserved more than 6,000 units in 17 states. The sales price for Bonnie Brae was not disclosed, but officials reported that Newmark provided financing through Fannie Mae.
The property is located in the San Francisco Bay Area. Single-family home prices in Belmont averaged more than $2 million in September, according to data from the San Mateo County Association of Realtors.
Rents are also expensive, averaging about $2,600 per month, according to multiple reports, making Bonnie Brae an important housing option in the community.
All the units have income, age, and rent restrictions, with 60 units covered by a project-based Section 8 contract. In addition, the property’s three four-story buildings offer residents garage parking, dedicated dining areas, and an abundance of outdoor courtyard space with direct access to Belmont Canyon hiking trails.
In addition to preserving affordability, the new owners said they will make significant property improvements. BLVD plans to transform over 27,000 square feet of common areas, including the lobby, a library, a social hall, a dining room, and all exterior courtyards. In addition, the firm said it aims to add a movie room, a fitness center, and additional amenities to enhance the resident experience.