November 4, 2020
Private real estate firm Avanath Capital Management has acquired Morton Village, a 207-unit workforce housing community in Boston’s Mattapan neighborhood. The acquisition represents Avanath’s first purchase in the Boston market.
Built in 1965 by the seller, an affiliate of Mirak Properties, Morton Village consists of four separate four-story elevatored buildings located adjacent to the Morton Street MBTA commuter rail station and two miles away from exits 11 and 12 on Interstate 93, offering access to numerous employment centers. The community features floorplans averaging 920 square feet.
“As a leading investor in workforce housing communities in key markets throughout the nation, Avanath has deep expertise in identifying opportunities to own and operate attractive and budget-friendly workforce housing in markets with a demonstrated need for those assets,” said Daryl Carter, CEO at Avanath. “Boston, which is one of the nation’s top tech and life sciences hubs, aligns well with our strategy of investing in regions with strong job and population growth and in locations that are in close proximity to employment and transportation centers, where there are barriers to developing new supply. We are thrilled to make our debut in the Boston market and to add Morton Village to our existing portfolio of more than 10,000 units across the country.”
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