BELMONT, Calif., Sept. 28, 2023 /PRNewswire/ — The BLVD Group (“BLVD”) is proud to announce the acquisition of Bonnie Brae Terrace (“Bonnie Brae”), a 164-unit senior affordable housing community located in the highly coveted residential neighborhood of Belmont, CA. The sale marks the first time the property has traded hands since the current owner developed the affordable community in 1971.
While its multifaceted economy and year-round lifestyle advantages make surrounding San Mateo County a desirable place to live, these traits also make it one of the least affordable housing markets in the country. With average home prices well over $2 million, San Mateo has extremely high barriers to entry and an affordable property market that has experienced historically low inventory growth.
Against this backdrop, Bonnie Brae Terrace provides a crucial affordable solution for a significantly underserved segment of the community. All 164 units at Bonnie Brae Terrace have income, age, and rent restrictions, with sixty of these 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.
BLVD’s Managing Principal, Jake Walker, states, “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.” Over the last decade, BLVD has acquired, redeveloped, and preserved more than 6,000 units in 17 states.
In addition to preserving affordability, BLVD will also inject new life into the community through significant property improvements. With redesign and renovation plans already underway, BLVD plans to transform over 27,000 square feet of common area, including the lobby, library, social hall, dining room and all exterior courtyards. In addition, BLVD aims to add a movie room, fitness center, and additional amenities to enhance the resident experience.
BLVD’s Director of Acquisitions, George Saad, states, “Bonnie Brae Terrace is a significant addition to BLVD’s national affordable portfolio. The Bay Area has some of the highest rents in the nation, increasing the need for high-quality, affordable housing. BLVD’s renovation plans aim to expand the property’s potential and significantly enhance the amenities and service offerings for the residents.”
Belmont and its surrounding communities are well known for exceptional amenities, ambiance, and a high standard of living. By revitalizing Bonnie Brae Terrace, BLVD hopes to not only preserve affordability in a high-cost market, but to also bring similar comforts and lifestyle to the residents that call the property home.
About The BLVD Group:
The BLVD Group is a leading multifamily investment and development firm focused on providing market rate, middle income, and affordable housing. BLVD and its principals have a proven track record of successfully investing in over $3 billion of properties across multiple strategies and currently own and operate a nationwide portfolio of over $1 billion in assets. BLVD’s affordable initiatives leverage supportive housing programs including Property-Based Section 8 subsidies, Low Income Housing Tax Credits, and other federal, state, local and private financing to preserve and expand long term affordable housing opportunities for low-income families.
SOURCE The BLVD Group
Originally published at https://www.prnewswire.com/news-releases/the-blvd-group-announces-acquisition-of-senior-affordable-property-in-desirable-bay-area-residential-neighborhood-301942210.html
Images courtesy of https://pixabay.com