March 22, 2016
Avanath Capital Management LLC has entered the Pacific Northwest with its acquisition of the 251-unit residential community of Silver Springs in Kent, WA. The Irvine, CA buyer paid $32.2 million to a local private developer for the property at 22416 88th Ave.
Silver Springs was acquired, along with the 117-unit Oak Village, through Avanath’s $200 million Avanath Affordable Housing II LLC fund; in fact, the assets are the fund’s final buys. Avanath is on track to close its third institutional fund. Oak Village is a 100% affordability housing asset at 801 14th St. in Oakland, CA.