"East Bay Permanent Real Estate Cooperative (EB PREC) is a BIPOC community-led real estate developer and investment fund. We remove land and housing from the speculative market to create permanently affordable, community-controlled homes and businesses. We are turning a racist, classist real estate market into a tool that can build wealth for the groups most disenfranchised by it."
EB PREC was born out of a collaboration between the People of Color Sustainable Housing Network, and the Sustainable Economies Law Center. After 3 years of community visioning we launched for public membership in 2018. We made sure that non-acredited investors could join the cooperative using an exemption for California Cooperative Corporations, selling shares at $1,000 each. After our first couple residential projects, for which we raised investor-owner equity from over 150 individuals, we qualified for Reg A+, which has expanded our ability to sell shares.
We are in contract to acquire a mixed-use property in West Oakland which includes the historic jazz club Esther's Orbit Room. Once known as the Harlem of the West, 7th street was a thriving Black Business district, with Esther’s Orbit Room at the center of its culture and music scene. Through an innovative community-driven development plan, Esther's Orbit Room & Cultural Arts Center will become a cultural and economic asset for Oakland and the Black Arts Community for generations to come.