OAKLAND, CA - Bayside Communities, LLC has acquired the general partner interests in 20 multi-family properties that were part of bankrupt A.F. Evans Development, Inc.'s affordable/senior housing portfolio. The properties total 2,135 units and are located in California, Washington and Oregon. Bayside Communities will be acquiring general partner interests in another 12 properties from the A.F. Evans portfolio as consents are obtained in the next few weeks.
Source: Bayside Communities
Included in the deal was the property management arm of the bankrupt development company, Evans Property Management, Inc., and it will operate as EPMI, a Bayside Company, under the management of Debbie Weber. Weber previously served as president of Evans Property Management and she will continue in that role with EPMI. EPMI will manage the 20 acquired properties along with an additional 47 fee-based managed properties totaling 7,300 units. The current 300 staff members of the firm will also join the new management company under Weber's leadership.
"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."
"This major multi-family acquisition 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." 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.
Bayside Communities LLC, and EPMI, a Bayside Company, and its affiliates were formed to own and manage properties in the Western and Southwestern United States and to search for additional affordable housing acquisition and development opportunities.
Bayside Communities, LLC, is a company formed to acquire the affordable housing assets of A.F. Evans Company, while Bayside Management, LLC is the Bayside affiliate formed to manage the assets being acquired by Bayside Communities along with other fee-managed properties. Affiliates of Southern California-based The Luzzatto Company, Inc., Barker Pacific Group, Inc., and Lion Real Estate Group, LLC are the investors in the Bayside entities. Michael Barker and Marc Luzzatto will serve as the Co-Chairmen overseeing Bayside Communities and EPMI/Bayside Management Company. Debbie Weber will report to Jeff Weller and Mory Barak who will serve as co-CEO's of the new firm.
EPMI/Bayside Management Company is the property management affiliate of Bayside Communities, LLC. EPMI/Bayside will manage Bayside Communities' portfolio of 20 multi-family properties and provide fee management services to another 47 affordable communities totaling 7,300 affordable housing units and senior living centers in California, Washington, Nevada, Oregon and Texas. EPMI was the property management arm of A.F. Evans Co. that filed for bankruptcy in March of 2009.