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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): JULY 5, 1996
BAY APARTMENT COMMUNITIES, INC.
(Exact name of Registrant as specified in charter)
MARYLAND 1-72612 77-0404318
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(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
4340 STEVENS CREEK BOULEVARD, SUITE 275, SAN JOSE, CA 95129
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(Address of principal executive offices) (Zip Code)
(408) 983-1500
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Bay Apartment Communities, Inc. (the "Company") recently engaged the
services of two consulting firms to compile and analyze data to be used in the
daily operational and long-term strategic decision-making of the Company's
management. Together, these studies provide the Company with general market
overviews, demographic trends, and analyses of effective rents, historical
vacancy rates and projects in planning, primarily for counties within the San
Francisco Bay Area (defined to include Alameda, Contra Costa, Marin, Napa, San
Francisco, San Mateo, Sonoma, Santa Clara and Solano Counties) rental market.
One report, completed by Ann Roulac and Company, is based on an
analysis of the research compiled by RealData, Inc., the current producer of
the Bay Area Apartment Market Report (BAAMR), a detailed reference guide to the
San Francisco Bay Area apartment market. The scope of Ann Roulac and Company's
engagement was to identify 100 plus institutional quality apartment properties
from the BAAMR database of 450 properties for the Alameda, San Francisco, San
Mateo and Santa Clara Counties. The data presented by Ann Roulac and Company
are based on surveys with managers of 100 institutional quality apartment homes
in the four subject counties.
The second report, completed by the Rosen Consulting Group, focused its
analyses on five counties (i.e., San Mateo, Santa Clara, Alameda, San Francisco
and Orange Counties), four of which are located in the San Francisco Bay Area.
In preparing its report, the Rosen Consulting Group analyzed recent economic
trends and forecasted employment trends, demographic trends and the
affordability and demand for rental units.
The reports prepared for the Company by Ann Roulac and Company and the
Rosen Consulting Group are attached hereto as exhibits. The foregoing
description of the contents of the two consulting reports does not purport to
be complete and is qualified in its entirety by reference to such exhibits.
ITEM 7. EXHIBITS
(c) Exhibits
23.1 Consent of Rosen Consulting Group
23.2 Consent of Ann Roulac and Company
99.1 The Apartment Markets in Orange, Santa Clara, Alameda, San
Francisco and San Mateo Counties, dated June 28, 1996, and
the addendum thereto, presented to the Company by the Rosen
Consulting Group.
99.2 San Francisco Bay Area Rental Analysis, dated June 30, 1996
presented to the Company by Ann Roulac and Company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be filed on its behalf by the
undersigned thereunto duly authorized.
BAY APARTMENT COMMUNITIES, INC.
Dated: July 5, 1996 By: /s/ Gilbert M. Meyer
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Gilbert M. Meyer
Chairman of the Board and President