Bayside Communities LLC has acquired the general partner interests in 20 multifamily properties that were part of bankrupt A.F. Evans Development Inc.’s affordable/senior housing portfolio on the West Coast. The properties total 2,135 units and are located in
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. Oakland developer A.F. Evans Co. filed for Chapter 11 bankruptcy protection in March 2009, citing plummeting housing prices and a credit crunch.
Included in the
Weber previously served as president of Evans Property Management and she will continue in that role with EPMI. The company will manage the 20 acquired properties along with an additional 47 fee-based managed properties totaling 7,300 units. The 300 staff members of Evans Property Management 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,” stated Marc Luzzatto, co-chairman and majority owner of Bayside Communities, in a press release. “We look forward to finding more ‘doing well by doing good’ opportunities as we expand the EPMI/Bayside business.”
“This major multifamily 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,” added Michael Barker, co-chairman of Bayside Communities.
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, EPMI, and its affiliates were formed to own and manage properties in the West and Southwest and to search for additional affordable housing acquisition and development opportunities.
Affiliates of Southern California-based The Luzzatto Co. Inc., Barker Pacific Group Inc., and Lion Real Estate Group LLC are the investors in the Bayside entities.