October 16, 2020
Irvine, CA-based Avanath Capital Management acquired a pair of apartment communities in Detroit in two separate deals totaling approximately $3.4 million. They include the 50-unit, affordable North End Village, which Avanath picked up for $2.1 million, and the 48-unit Cameron Court seniors housing community, which went for $1.34 million.
“As a native of Detroit, I’m excited to invest in my hometown – in fact, this property is not too far from my high school,” said Avanath CEO Daryl Carter regarding North End Village. “There has been a noticeable revitalization in the city of Detroit in recent years, spurred on by investment activity, new developments and other social programs.”
Built in 2005, North End Village is 100% occupied and consists of four two-story structures totaling 56,238 square feet. Cameron Court was built in 2008 and is also 100% occupied. Avanath plans improvements to both properties.
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