B
ridge Investment Group has acquired the 406-unit Horizon Apartment Homes in Santa Ana for $129.2 million, with a commitment to maintaining at least half of the units as affordable housing. The Salt Lake City-based investor purchased the two-story complex from Irvine's Bascom Group, marking the largest multifamily deal in Orange County this year. With a price tag of $318,227 per unit, the sale surpasses the total dollar volume for all third quarter deals.

    Bridge has partnered with Ethos Real Estate to ensure that at least half of the apartments will be affordable to households earning below 80% of area median income. The partnership will also offer social and recreational programs through Bridge's nonprofit partner, Project Access. The complex, built in 1972 and renovated in 2018, features studio, one-bedroom, two-bedroom, and townhome-style apartments with amenities such as a pool and fitness center.

    The sale is notable given the decline in multifamily sales in OC this fall, which plummeted 90% from summer levels. Bridge Investment Group has $48.9 billion in assets under management, including 60,200 apartments and 13.1 million square feet of logistics warehouses. This acquisition follows a similar deal in July, where Bridge paid $101 million for a 418-unit apartment complex near Walnut Creek with plans to convert it into workforce housing.