Upper Marlboro, MD and Wharton, NJ – Avanath Capital Management, LLC, a private real estate investment manager and registered investment adviser, has acquired three multifamily properties totaling 311 units for a combined consideration of $38.08 million.
Avanath Capital Management LLC, Irvine, Calif., acquired three Maryland and New Jersey multifamily properties for $38.08 million.
UPPER MARLBORO, Md., and WHARTON, N.J. — Avanath Capital Management has acquired two seniors housing communities totaling 211 units for $23.8 million.
UPPER MARLBORO, MD. — Avanath Capital Management LLC has acquired two multifamily properties in Upper Marlboro, roughly 20 miles southeast of Washington, D.C., for a combined $29.3 million. The firm acquired Largo Center, a 100-unit community located at 520 Largo Center Drive, for $14.3 million, and Vistas at Lake Largo, a 110-unit seniors housing community located at 500 Harry S. Truman Drive, for $15 million. The properties were purchased through Avanath’s institutional fund, Avanath Affordable Housing III. The names of the sellers were not disclosed.
WHARTON, NJ – Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has acquired three multifamily properties totaling 311 units for a combined consideration of $38.08 million.
UPPER MARLBORO, MD. — Avanath Capital Management LLC has acquired two multifamily properties in Upper Marlboro, roughly 20 miles southeast of Washington, D.C., for a combined $29.3 million.
Avanath anticipates the acquisition of 16 developments with almost 1,400 units this year.
A small increase in unit holdings and several large acquisitions characterize the AHF 50 Owners’ 2017.
Avanath Capital Management, which was founded 10 years ago by Daryl Carter to focus on the affordable-housing sector, has paid $38.1 million for three such properties, including its first in New Jersey.
There are numerous initiatives focused on creating more affordable apartment units. Most of these initiatives are targeting the Millennials—those renters that are between the ages of 18 and 34 and single. These initiatives include “micro” units, which are sized generally below 400 sq. ft., and “adult dormitories,” a communal housing configuration akin to college dormitory experience. We are highly underserved by affordable housing units in the U.S., particularly in the larger coastal cities of New York, Boston, Washington DC, Los Angeles and San Francisco, so all initiatives to add more affordable housing supply should be applauded.
The Smart Agency