THE LOTUS REPOSITION
Want to get a jump-start on upcoming deals? Meet the major San Francisco players at one of our upcoming events!
|That headline conjures a Bourne movie in our mind, and we actually think these two folks could be action movie stars. Yesterday, we asked Oakland-based Bayside Communities president Basil Rallis(here with VP of finance Natalia Williams) about the company's latest deal: the 220-unit Azure Park Apartments in south Sacramento. Bayside?s goal is the acquisition and preservation of affordable housing. The low-income property originally was syndicated in 2004 but was in receivership for a long while and suffered from management and maintenance issues. The property needed capital, but more important, an operator experienced in affordable housing. Basil says Bayside wanted to give the property a ?fresh, new look.? To go with that, it's also getting a brand new name:Lotus Landing.|
|Bayside plans significant exterior work and interior upgrades, tapping affiliate EPMI to manage. Lotus Landing includes 26 two-story apartment buildings, as well as a clubhouse and after-school program center, and the company plans to introduce additional social services. Bayside—formed in April 2011 by Barker Pacific,Lion Real Estate Group, and The Luzzatto Co to acquire the affordable housing assets of A.F. Evans—now owns 15 communities totaling 1,438 units in NorCal and 30 properties in all. By the way, Basil and Natalia both will be at Novogradac & Co?s 19th annual Affordable Housing Conference, today and tomorrow at The Westin St. Francis, where Natalia will be one of the speakers.|