It took roughly a year of work for Bayside Communities, LLC, to acquire general partner interests in 20 affordable and seniors housing properties from the bankrupt A.F. Evans firm.

Because of the many properties and multiple financing partners involved in the portfolio, a large number of parties had to agree to the acquisition, said Michael Barker, co-chair of Bayside Communities.

The group still has more work to do. It expects to acquire interests in another dozen properties from A.F. Evans in the next several weeks. In all, about 3,500 units will be involved.

Barker did not disclose the price paid for the transaction but said the portfolio, which includes properties in California, Washington, and Oregon, is valued at approximately $300 million.

His team paid cash for the properties. Barker noted that Bayside Communities acquired general partner interests and not 100 percent ownership.

The deal includes the property management arm of A.F. Evans, which will operate as EPMI, a Bayside Co., under the management of Debbie Weber, who headed up A.F. Evans’ management business.

EPMI will oversee the 20 acquired properties along with an additional 47 fee-based managed properties.

Bayside Communities was formed to acquire the A.F. Evans housing interests. Affiliates of The Luzzatto Co., Inc., Barker Pacific Group, Inc., and Lion Real Estate Group, LLC, are the investors.

The team saw the recent deal as an opportunity to fully establish itself in the affordable housing industry, said Barker. Barker Pacific has an affordable housing development in San Francisco, and the others have multifamily housing interests.

The affordable sector is appealing because it is “very stable investment,” said Barker.

 “Our plans are to carry this forward and grow it,” he said. The acquisition of the property management team was important because it provides Bayside with operating depth.

Most of the developments in the acquired A.F. Evans portfolio have affordability restrictions for 50 or so years, so the properties will remain affordable for some time, he said.

Oakland, Calif.-based A.F. Evans Co. filed for Chapter 11 reorganization in 2009.