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A West Coast developer has plans to expand an aging apartment complex in Cary by adding dozens of new units to the existing community. Earlier this month, investment firm Avanath Capital of Irvine, California, filed plans to add 43 new townhomes-style apartments to the Arbors at Cary Apartments, an affordable multifamily community in Cary.
Greysteel has arranged the sale of Cascades Village Senior Apartments, a Low-Income Housing Tax Credit (LIHTC) property in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 under the LIHTC.
An affordable housing complex in Sterling sold for $27.15 million, commercial real estate investment firm Greysteel announced last week.Located at 46565 Harry Byrd Hwy., the 150-unit Cascades Village Senior Apartments sold to Irvine, California-based Avanath Capital Management LLC, which focuses on acquiring existing affordable housing properties. Developed in 2001, the apartment complex is age-restricted (55 years and up).
Daryl Carter was featured as a panelist for Pancakes & Politics Forum IV: Rebuilding American Cities through a Lens of Equity and Inclusion.
Brower Group
Lexi Astfalk
949.438.6262
lastfalk@brower-group.com media@avanath.com