Bridge Housing Buys 130-Unit Affordable Seniors Housing Community in California
WATSONVILLE, CALIF. — Bridge Housing has purchased Paloma Del Mar Apartments located in Freedom, a community that is partially within the incorporated city of Watsonville. Terms of the transaction, including acquisition price and the name of the seller, were not released.
Originally built in 1993, Paloma Del Mar features 104 one-bedroom units and 26 two-bedroom apartments for seniors, as well as a property management office, community office, laundry rooms and landscaped outdoors spaces.
Rents at the property are affordable to seniors whose income is below 60 percent of area median income. The original income restrictions were slated to expire in 2024, at which point the property could have been converted to market-rate housing. Through this acquisition, Bridge is preserving the affordable rents, and all current residents have been able to keep their homes.