Industry leaders BRIDGE Housing and Avanath Communities are partnering on a jointly owned property management company that will serve affordable and workforce multifamily housing communities nationwide. With a portfolio of approximately 30,000 units, the new company, Brighthaven Communities, ranks among the top property management companies for the sector in the U.S.
BRIDGE and Avanath bring a combined six decades of experience to Brighthaven and will be equal partners. Both companies add their strength and expertise to the venture. San Francisco-based BRIDGE is the largest nonprofit developer, owner, and operator of affordable housing on the West Coast. It also is a pioneering investor that continues to advance innovative financing model to meet its mission. Irvine, California-based Avanath acquires, owns, renovates, and operates affordable, workforce, and value-oriented multifamily communities across the nation. It brings financial discipline, operational rigor, compliance capability, a training platform, and advanced technology to the new company.
According to the companies, Brighthaven was launched to help meet the growing demand for best-in-class affordable housing property management services with the resident experience at the core. The top 10 affordable housing property managers oversee less than 10% of the nation’s subsidized housing stock, highlighting the opportunity for scale.
The company will provide a broad array of property management services, including leasing and marketing; financial management; compliance and regulatory reporting; maintenance and facility management; security services; and resident engagement.
“We see a tremendous value and opportunity in a nationally focused property management company tailored specifically to affordable and workforce housing,” said Daryl J. Carter, founder, chairman, and CEO of Avanath. “At Avanath, we are focused on providing opportunities for individuals, particularly to those in underserved communities, to improve their lives and achieve their desired lifestyles through quality attainable housing and world-class resident services. To help accomplish this, our company has made significant investments in building a sophisticated property management infrastructure, and, through Brighthaven, we are joining forces with BRIDGE to extend our collective reach and raise the bar for the entire sector.”
Brighthaven will start by delivering property management services to both companies’ combined portfolios, totaling approximately 30,000 units in 15 states. It plans to extend its services to include other nonprofit and for-profit affordable and workforce housing owners.
“This new partnership is a transformative step for BRIDGE Housing as we continue to innovate and expand our impact,” said Ken Lombard, president and CEO of the nonprofit. “Avanath has an impeccable track record, and, together with BRIDGE’s mission-driven focus, we are building a best-in-class property management platform dedicated to uplifting communities while delivering cutting-edge technology, dedicated executive leadership, and robust security and maintenance programs to better serve our residents.”