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.
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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).
California-Based Affordable Housing Investor Completes Deal for Cascades Village Senior Apartments in Sterling, Virginia
On this episode of the TBG Real Estate Podcast, we talk with John Williams, President and Chief Investment Officer at Avanath. John walks us through the his journey in affordable housing, what it takes to get into the space, and how the landscape is changing for investors. It’s an episode full of great information as we continue our Impact Real Estate Series.
They’ve made it with government checks and family help. They’ve made it with savings and odd jobs. They’ve made it with church charity, nonprofit rescue funds, GoFundMe campaigns. One way or another, through five months of economic dislocation, the nation’s tenants have for the most part made their rent.
US multifamily has been relatively unscathed during the covid-19 crisis, thanks in part to a federal stimulus, including a $600 per week unemployment supplement that has helped millions of jobless Americans pay their rents.
Explore Inc.’s annual ranking of the private companies with the most proven track records, including Avanath who ranked at number 3,125.
The National Council of State Housing Agencies (NCSHA) today announced it has received funding from the Robert Wood Johnson Foundation to advance opportunities for financing healthier multifamily affordable housing.
Housing is a central component of inequality in this country, and the apartment industry and apartment owners are in a position to directly address issues of inequality related to housing. While there is certainly an ethical and moral reason to create more equitable housing, there is also a financial reason too.
Avanath Capital Management, a minority-owned private real estate firm that invests in affordable and workforce housing throughout the United States, has announced an action plan aimed at helping the multifamily industry address inequality in minority communities.