October 11, 2016
Avanath Capital Management expanded its workforce housing portfolio by acquiring the 34-unit Harbour Pointe in Fort Lauderdale, FL for approximately $11.5 million. The company also broadened its Seattle presence with its buy of Lodge at Peasley Canyon in Seattle for $73.3 million. Avanath teamed with Oak Tree Residential on the Fort Lauderdale transaction.
Harbour Pointe, at 2201 SE 18th St., delivered in 1976 and was renovated in 2006. The seller was a private company doing business as Harbour Pointe 2201 LLC. The property is 100% occupied, and offers two-bedroom, two-bathroom apartments. Avanath will upgrade the on-site fitness center, and add storage compartments.
“Harbour Pointe’s central location near the port will enable many workers to live within walking distance to their jobs,” said Avanath’s John Williams. “Further, the community’s spacious units can easily accommodate cruise line workers who prefer to live with roommates when not on a ship.”
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