(Oakland, CA) – Basil Rallis has joined Bayside Communities, LLC, a real estate company that was formed in 2010 to acquire and manage affordable housing properties inCalifornia and the Western United States. As new Chief Operating Officer, Rallis will help the company grow through acquisitions and expand business to include properties and operations throughout the country, with an emphasis on the Southwest and the East Coast. Rallis has been a Managing Director, at Bayside, since December 2010. Part of his goals are to assist the company’s non-profit partners, and other non-profit groups, in their affordable housing missions by bringing new sources of capital for their activities.
Currently Bayside and its management subsidiary, EPMI, owns and manages 7,300 units. The Bayside management team aims to undertake a series of major efforts over the next few years that include acquiring additional general partnership interests along with finding and investing in new properties. Bayside Communities acquired the general partner interests and management operations of the bankrupt A.F. Evans Company.
“We are very pleased to welcome Basil Rallis to this new position of Chief Operating Officer (COO),” said Bayside Communities Co-Chairman, Michael Barker. “He brings a tremendous amount of experience in the affordable housing industry, which is a niche that we at Bayside believe can be both profitable and socially beneficial. Basil’s expertise in the affordable housing world dates back to 1996, his ability to structure deals, his professionalism and credibility, are just the beginning. His strong relationships will also help us identify new capital sources as we continue to structure and manage real-estate partnerships within the multi-family housing industry,” said Barker.
Basil Rallis has assisted Bayside Communities through the process of acquiring the AF Evans affordable housing portfolio and the Evans Property Management Company (EPMI). While serving as a Director and head of acquisitions for Cascade Affordable Housing from February of 2005 until September of 2010, he was personally involved in the acquisitions of over 100 properties, totaling more than 20,000 units. While at Cascade he was instrumental in structuring a $200 million institutional fund investing in affordable
housing and has an extensive background in the tax and accounting issues of real estate partnerships. Previously, he served as Chief Financial Officer and COO for August Financial Corporation and their affiliated real estate investment funds, many registered with the Securities and Exchange Commission. Rallis is a frequent industry speaker, with special focus on acquisitions and general partner transfers. He is an affiliate member of the National Council of State Housing Agencies and a Board Member of the National Housing and Rehabilitation Association. He holds a BS in Business and MBA in Business Finance from the University of Southern California.
Bayside Communities is headquartered in Oakland, CA. Co-Chairman is Marc Luzzatto, founder of Southern California-based The Luzzatto Company. Other affiliates include the Barker Pacific Group, Inc. and Lion Real Estate Group, LLC. Debbie Weber manages Bayside Management Company/EPMI, a property management affiliate of Bayside Communities, which manages Bayside Communities’ 27-multi-family properties. It currently provides fee management services to 47 affordable communities in California, Washington,Nevada, Oregon and Texas.
For more information visit www.baysidecommunities.com or call 510-891-9400.