Developed in 1971, and under the same ownership since then, Bonnie Brae Terrace in Belmont, California, traded hands. Bonnie Brae is a 164-unit affordable seniors housing community, with 60 units covered by a project-based Section 8 contract.
The buyer was The BLVD Group, a multifamily investment and development firm focused on providing market rate, middle income and affordable housing. It has acquired, redeveloped and preserved more than 6,000 units in 17 states. BLVD will conduct significant property improvements, with plans to add additional amenities and transform over 25,000 square feet of common area.
