BRIDGE Housing and Avanath Communities Join Forces to Launch Nationwide Property Management Services Company

SAN FRANCISCO & IRVINE, Calif.--(BUSINESS WIRE)--BRIDGE Housing and Avanath Communities announce the creation of Brighthaven Communities, a jointly-owned property management company that will provide industry-leading services to affordable and workforce multifamily housing communities nationwide. With a portfolio totaling approximately 30,000 units, the new company will immediately be among the top 10 residential property managers of affordable and workforce housing in the country.

Avanath and BRIDGE bring a combined 60 years of experience to Brighthaven, which will provide a deeply resourced property management platform unlike anything in the marketplace today. Avanath brings financial discipline, operational rigor, compliance capability, a robust training platform for staff, and the advanced technology of a high-performing for-profit enterprise. BRIDGE contributes its deep expertise as an affordable housing developer, property and asset manager, and pioneering investor that continues to advance innovative financing models in pursuit of its mission to uplift communities.

As equal partners in Brighthaven, the two organizations have created a powerful growth-oriented platform that combines innovation with a mission-driven approach – delivering high-quality, sustainable housing solutions while advancing community impact nationwide. BRIDGE is the largest nonprofit developer, owner and operator of affordable housing on the West Coast. Avanath is an industry leader that acquires, owns, renovates, and operates affordable, workforce, and value-oriented apartment communities across the U.S.

Avanath and BRIDGE Housing see an opportunity for Brighthaven to help meet the growing demand for best-in-class affordable housing property management services, with the resident experience at the core. Today’s property management marketplace is highly fragmented, with many communities relying on outdated systems even as regulations and requirements grow more complex. The top 10 affordable housing property managers currently oversee less than 10% of the nation’s subsidized housing units, underscoring the lack of scale in the industry. Brighthaven aims to change that – building the scale necessary to deliver consistent quality, operational efficiency, and the robust resources needed to meet diverse regulatory and market demands across the country.

The new 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, resident engagement, and other services that are vital to enhancing residents’ daily experiences while also maintaining thriving multifamily properties.

“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 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.”

“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 BRIDGE Housing. “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,” he said.

Initially, Brighthaven will deliver property management services to the two organizations’ combined portfolio of properties which totals approximately 30,000 affordable homes across 15 states. Immediately, the new company plans to extend its services beyond the partners’ own properties to include other non-profit and for-profit owners of affordable and workforce housing communities seeking a new level of operational excellence.

Brighthaven will be governed by a six-member board, with equal representation from both organizations.

About Avanath Capital Management

Avanath Capital Management is a privately held, vertically integrated investment firm managing real estate and real estate-related investments generating risk-adjusted returns through current income and capital appreciation from its investments. The firm is a Registered Investment Adviser and provides property management services through Avanath Communities, Inc and now development services through Avanath Investment & Development. Founded by Daryl J. Carter, the firm is led by a management team that averages 25 years of experience and that has successfully guided investment funds in defining growth opportunities. Avanath professionals have real estate operating expertise and long-standing relationships with strong local, regional, and national sponsors that can access investment opportunities aligned with Avanath’s initiatives. More information is available at avanath.com.

About BRIDGE Housing

BRIDGE Housing Corporation is a leading nonprofit owner, developer, and manager of high-quality affordable housing on the West Coast, with a mission to strengthen communities and improve lives. Founded in 1983, BRIDGE Housing has participated in the creation of more than 23,000 affordable homes in California, Oregon and Washington, with a total development cost of $6 billion. Its current $4 billion portfolio totals nearly 15,000 apartments that are home to more than 30,000 residents, with more than 10,000 additional units in the development and acquisition pipelines. For more information, visit bridgehousing.com.