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Bayside Buys Interests in Bankrupt Multifamily
OAKLAND, CA-Bayside Communities LLC has acquired the general partner interests in 20 multifamily properties totaling 2,135 units that were part of bankrupt A.F. Evans Development Inc.'s affordable/senior housing portfolio. In addition, Bayside expects to acquire general partner interests in another 12 properties from the A.F. Evans portfolio as consents are obtained in the next few weeks. Bayside bought the interests directly from A.F. Evans as debtor in possession, for an undisclosed price.
Included in the deal was the property management arm of the bankrupt development company, Evans Property Management Inc. It will operate as EPMI, a Bayside Company, under the management of Debbie Weber.
Weber previously served as president of Evans Property Management and will continue in that role with EPMI, which 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.
Marc Luzzatto, co-chairman and majority owner of Bayside Communities, commented in an announcement regarding the deal: "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."
Bayside co-chairman Michael Barker added that the acquisition constitutes "a stable affordable housing portfolio that has been well-managed to provide reasonably priced rental units for thousands of people throughout the Western states." He said Bayside's goal is to ensure a stable management platform for the portfolio as well as the many properties managed for institutional investors and other owners. Over the next five years, Bayside plans to acquire and secure management contracts on more than 20,000 affordable and senior rental units, Barker added.
Bayside Communities was formed to acquire the affordable housing assets of A.F. Evans. Bayside Management LLC is a Bayside affiliate formed to manage the assets being acquired by Bayside Communities, along with other fee-managed properties.
The investors in the Bayside entities are affiliates of the Southern California-based Luzzatto Company Inc., Barker Pacific Group Inc. and Los Angeles-based Lion Real Estate Group LLC. Barker and Luzzatto will overseeg Bayside Communities and EPMI/Bayside Management Co. Weber will report to Jeff Weller and Mory Barak, who will serve as co-CEO's of the new firm.
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