Bayside Communities Acquires 20 Properties From Bankrupt Developer
Bayside Communities LLC has acquired controlling interest in 20 multifamily properties that were part of the affordable and senior housing portfolio of bankrupt AF Evans Development Inc.
The properties total 2,135 units and are located in California, Washington and Oregon.
“This major multifamily includes a stable affordable housing portfolio that has been well-managed to provide reasonably priced rental units for thousands of people throughout the Western states,” said Michael Barker, co-chairman of Bayside Communities. “Our goal is to ensure a stable management platform for the portfolio we are acquiring as well as the many properties managed for institutional investors and other owners.”
Included in the recent deal was Evans Property Management, the property management arm of the development company that filed for bankruptcy in March 2009. This management division will operate as EPMI under the direction of Debbie Weber.
“We were very attracted to this transaction, as well as Debbie’s leadership, because it represents an excellent business opportunity that also fulfills an important social mission,” said Marc Luzzatto, co-chairman and majority owner of Bayside Communities. “We look forward to finding more ‘doing well by doing good’ opportunities as we expand the EPMI/Bayside business.”
The Oakland-based real estate company will be acquiring interests in another 12 properties from the bankrupt developer’s portfolio in the next few weeks. Over the next five years, Bayside Communities has plans to acquire and secure management contracts on more than 20,000 affordable and senior rental units.
Barker Pacific Group Inc. and Lion Real Estate Group LLC are the investors in the Bayside entities.