August 20, 2019
Irvine, CA-based Avanath Capital Management, LLC acquired three affordable housing communities with a combined total of 317 units in Chicago and Maryland. The assets were acquired for a total of $55.05 million.
Avanath Capital Management’s John Williams says, “Our investment strategy is founded on preserving affordability for residents in some of the nation’s most cost burdened areas, while simultaneously creating value for our investors.” He also notes they plan to make capital improvements to enhance value for investors, and keep rents low for residents.
The acquisitions include:
-Scotland Yard Apartments ($28.3 million), a 156-unit transit-oriented, apartment community at 4215-4261 Broadway St. in the Buena Park residential neighborhood on Downtown Chicago’s Northside
– Renaissance North ($15.45 million, pictured), a 59-unit, mixed-income affordable housing community built in 2003 at 551 W. North Ave. in Chicago. The transaction represents Avanath’s first public-housing deal.
– Victoria Park at Edgewater ($11.3 million), a 102-unit affordable senior housing community at 87 Stewart Dr. in Edgewater, MD.
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