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real estate venture focused on creating affordable housing has acquired a large apartment complex in San Jose for over $60 million. Bridge Workforce & Affordable Housing and Ethos Real Estate, through an affiliate, purchased Sofi at Los Gatos Creek on Southwest Expressway for $61.1 million, according to documents filed with the Santa Clara County Recorder's Office.

    The 193-unit complex was built in 1969 and is valued at $38.8 million by the county assessor's office. The purchase price represents a 57% increase over its assessed value. A covenant between the buyers and the California Municipal Finance Authority ensures that the property will remain largely affordable for workers, aligning with Bridge Workforce's business model.

    The company invests in multifamily communities where at least 51% of units are occupied by families earning less than 80% of the area's median income. In Santa Clara County, this threshold translates to a yearly income of $147,440. The partnership between Bridge Workforce and Ethos aims to address the ongoing housing shortage in the US.

    This is not their first collaboration; they joined forces in October 2024 to preserve affordable housing in Santa Ana, Orange County. Bridge Workforce emphasizes the need for workforce and affordable housing, stating that there is a "dire need" for such accommodations.