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Avanath Capital Management, a multifamily owner and operator focused on affordable housing, has completed the initial closing of its open-ended affordable housing fund.
Avanath Capital Management, a multifamily owner and operator focused on affordable housing, has completed the initial closing of its open-ended affordable housing fund.
Multifamily housing is one of, if not the, most discussed and debated asset classes in the commercial real estate world today. From rising rents to the country’s staggering need for more affordable housing, multifamily is under the spotlight, and these properties are complex to develop, manage and successfully roll out.
Avanath owns 1,500 units in Greater Washington and 13,000 across the country, but this marks the only property it now holds in the District itself.
Avanath Capital Management has held the initial close for its first open-end affordable housing fund, amassing $536 million in commitments, PERE has learned.
Commercial Observer Avanath Capital Management has paid $103 million, or $326,984/unit, for the 315-unit 2M Street Apartments in Washington, D.C.
Avanath Capital Management LLC has acquired 2M Street Apartments, a 315-unit multifamily community in Washington, D.C., for $103.5 million. The seller was not disclosed.
Avanath Capital Management has acquired 2M Street Apartments, a 314-unit mixed-income apartment building in Washington, D.C., for $103.5 million.
When Douglas M. Bibby stepped into the role of President of the National Multifamily Housing Council in 2001, he faced a handful of challenges. At the time, rental housing was considered the purview of lower-income families or as way stations to home ownership. The office and retail sectors enjoyed a 200 basis point advantage over multifamily.
The Smart Agency