Source: News Release – EPMI & Bayside Communities, LLC
November 08, 2013 by Pike & Company
Affordable Multifamily Investors Add Garden-Style Community to Their Portfolio
VANCOUVER, WA – November 08, 2013 – Bayside Communities has acquired Maple Knoll Apartments, an affordable multifamily asset located at 1824 Northeast 104 Street in Vancouver, Washington. The property was acquired for $6.7 million. The two-story, 148-unit community totals 125,356 square feet of apartment space, and is currently 97 percent occupied.
“Maple Knoll is an exciting find,” said Basil Rallis, COO of Bayside Communities. “It’s an example of a well-maintained property offering tenants both a sense of community, and an affordable place to live. We have planned improvements to both the exterior of the property, and the units, which will enhance the experience of our residents.”
Maple Knoll is a garden-style community easily accessible by Interstate 5 and Highway 99, and less than 20 minutes from downtown Portland. The property is within walking distance or a short drive of a transit center, shopping, restaurants, and schools, and consists of two-bedroom units featuring private balconies or patios, laundry facilities, and a children’s playground.
Previously owned by the Vancouver Housing Authority, the property was built in 1985 and renovated in 1999 utilizing Low Income Housing Tax Credits.
Vancouver is the fourth largest city in Washington State and part of the Portland-Vancouver metropolitan area. The Vancouver apartment market benefits from its close proximity to Portland and as such has had a 5-year average vacancy rate of less than 3.5 percent. Brandon Grishman of the Tax Credit Group of Marcus and Millichap represented the seller.
About EPMI/Bayside Management Company:
EPMI/Bayside Management Company is the property management affiliate of Bayside Communities, LLC. EPMI/Bayside manages 29 multi-family properties for Bayside Communities and provides fee management services to another 35 affordable communities for third party clients in California, Washington, Nevada, Oregon and Texas.
About Bayside Communities, LLC:
Bayside Communities, LLC was formed to acquire the affordable housing assets of A.F. Evans Company, while EPMI/ Bayside Management, LLC is the Bayside affiliate formed to manage the assets being acquired by Bayside Communities, along with other fee-managed properties. Basil Rallis is President, and Chief Operating Officer, of Bayside Communities.
Affiliates of Southern California-based Barker Pacific Group, Inc., Lion Real Estate Group, LLC and The Luzzatto Company, Inc. are the investors who financed the creation of Bayside Communities. Michael Barker and Marc Luzzatto serve as the Co-Chairmen, and Mory Barak and Jeff Weller serve as Co-CEO’s overseeing Bayside Communities and EPMI/ Bayside Management Company. Bayside Communities now owns 29 apartment communities, totaling 2,879 units, and EPMI/ Bayside Management Company manages an additional 4,000 units for third-party clients.