Not everyone is fleeing major metros during the pandemic. Remote office workers have largely driven the migration trend into the Sunbelt region. Essential workers, on the other hand, are staying put, helping to fuel strong fundamentals in affordable and workforce housing product. As a result, these housing segments have outperformed market-rate multifamily.
Avanath Capital Management has purchased The Grove Senior Apartments, an affordable seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million.
The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet.
Avanath Capital Management acquired The Grove Senior Apartments, an 85-unit senior housing community in Garden Grove, for $19.85M. Avanath is headquartered in Irvine, but this is its first acquisition in Orange County. According to Avanath Chairman and CEO Daryl Carter, the apartment complex has remained 100% occupied and maintained collections throughout the coronavirus pandemic.
Irvine-based Avanath Capital Management has made its first hometown acquisition with the $19.85 million purchase of The Grove Senior Apartments in Garden Grove. The property at 12721 Garden Grove Blvd. has 85 apartments and was sold by Meta Housing, an affordable housing developer based in Los Angeles.
“The Orange County market is an extraordinarily affluent area … Home prices throughout the region remain extremely expensive, making homeownership difficult for many,” Daryl Carter, founder, chairman and CEO of Avanath Capital Management, said in a statement. “This has resulted in a strong demand for affordable housing units, especially among seniors.”
Avanath Capital Management LLC has purchased The Grove Senior Apartments, an 85-unit senior housing community in Garden Grove, for $19.85 mil, or $233.5k/unit. The property was acquired from Meta Housing, an affordable housing developer based in Los Angeles. The Grove, which is currently 100% occupied, consists of a single, four-story garden-style building that features a variety of amenities including a fitness center, club room, courtyard, and bus stop directly in front of the property.
Avanath Capital Management LLC has expanded its footprint with the acquisition of The Grove Senior Apartments, an 85-unit fully affordable community in Garden Grove, Calif. Meta Housing Corp., the property’s original developer, sold the senior community in a transaction valued at $19.9 million.
According to Yardi Matrix data, the trade was subject to a $12.5 million Fannie Mae loan, provided by Prudential Financial. The 10-year debt bares an annual interest rate of 2.6 percent.
Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has announced its entrance into the Orange County market with the acquisition of The Grove Senior Apartments, an 85-unit senior housing community in Garden Grove, California. The property was acquired for $19.85 million.
Avanath is headquartered in Irvine, California, and while the firm has 10,000+ units within its portfolio across the U.S., this marks its first acquisition in its hometown market of Orange County, California.
Avanath Capital Management has entered the Orange County market with the acquisition of The Grove Senior Apartments, an 85-unit senior housing community in Garden Grove, Calif.
The property was acquired for $19.85 million. Avanath is headquartered in Irvine, Calif., and while the firm has 10,000+ units within its portfolio across the United States, this marks its first acquisition in its hometown market of Orange County.
When Irvine’s Avanath Capital Management LLC was moving forward late last year on plans for an initial public offering for its real estate investment trust offshoot Aspire Real Estate Investors, Chief Executive Daryl Carter met with his share of Wall Street heavyweights.
The Smart Agency