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Press releases & articles

Avanath Buys Cascades Village Affordable Community in Virginia for $27.2M
Seniors Housing Business

Avanath Capital Management has acquired Cascades Village, a 150-unit affordable seniors housing community in the Washington, D.C. suburb of Sterling, for $27.2 million. “Avanath was attracted to Sterling because home pricing and existing market-rate product in the market are unaffordable to lower income renters, resulting in a significant demand for affordable rental units in the area,” says John Williams, president and chief investment officer of Avanath Capital Management. “Cascades Village is located only 2.5 miles away from our affordable community, Acclaim at Sterling, and this proximity will allow for immediate operational efficiencies upon acquisition.”

Creative Solutions Expand Affordable Housing Supply in Northeast Markets
REBusiness Online

A severe shortage of affordable housing that has been building for years and may soon be exacerbated by the expiration of the federal eviction moratorium is forcing developers to be more aggressive and innovative in terms of how they add much-needed supply in dense, high-growth markets. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that American renters whose incomes levels are at or below 30 percent of their area median income (AMI) can afford, the United States comes up about 7 million units short. On average, for every 100 extremely low-income renter households in the country, there are only 36 affordable housing units.

Calif.-based company buys Sterling apartment complex for $27.15M
Virginia Business

An affordable housing complex for seniors in Sterling has sold for $27.15 million, Irvine, California-based Avanath Capital Management announced late last week. Built in 2001, Cascades Village is a three-story apartment complex for residents 55 years of age and older. The property is 98.7% occupied. The units sit on 5.65 acres and the property also includes 180 parking spaces and amenities including a fitness center, beauty salon, library and outdoor patio.

Avanath Capital Management acquires two affordable housing communities for $44m
IREI, Inc

Avanath Capital Management has announced the acquisition of a senior affordable housing community located in Sterling, Va., and a historic affordable family community in San Jose, comprising 209 units in total. The properties were purchased for $44.65 million. The acquisitions represent the firm’s continued expansion into new markets as well as its ability to realize economies of scale in markets where it currently owns assets, according to John Williams, president and CIO of Avanath Capital Management.

Avanath Capital Management Acquires San Jose Apartment Property for $17.5MM
The Registry

Avanath Capital Management, a private real estate firm that invests in affordable and workforce housing properties throughout the U.S., has announced the acquisition of a senior affordable housing community located in Sterling, Virginia and a historic affordable family community in San Jose, California, comprising 209 units in total. The properties were purchased for $44.65 million.

Avanath Capital Management acquires two affordable housing communities totaling 209 units in Sterling, Virginia and San Jose, California
Yield Pro

Avanath Capital Management, a private real estate firm that invests in affordable and workforce housing properties throughout the U.S., has announced the acquisition of a senior affordable housing community located in Sterling, Virginia and a historic affordable family community in San Jose, California, comprising 209 units in total. The properties were purchased for $44.65 million. The acquisitions represent the firm’s continued expansion into new markets as well as its ability to realize economies of scale in markets where it currently owns assets, according to John Williams, President and CIO of Avanath Capital Management.

City spends $4M on purchase of affordable apartments
Boston Agent Magazine

The City of Boston has established a public-private partnership to purchase a 207-unit apartment building in Mattapan in an effort to keep the units affordable for low- and moderate-income residents. Mayor Martin Walsh announced the city’s contribution of $4 million toward the purchase of the Morton Village Apartments, located near Morton Street station on the MBTA Fairmount Line. The deal, made through the City of Boston’s Acquisition Opportunity Program (AOP), included Avanath Capital Management, Mirak Properties and CBRE Capital Market.

Avanath Capital Acquires 207-Unit Workforce Housing Community in Boston
Connect Media

Private real estate firm Avanath Capital Management has acquired Morton Village, a 207-unit workforce housing community in Boston’s Mattapan neighborhood. The acquisition represents Avanath’s first purchase in the Boston market. Built in 1965 by the seller, an affiliate of Mirak Properties, Morton Village consists of four separate four-story elevatored buildings located adjacent to the Morton Street MBTA commuter rail station and two miles away from exits 11 and 12 on Interstate 93, offering access to numerous employment centers. The community features floorplans averaging 920 square feet.

Avanath Capital Management enters Boston Market
IREI, Inc

Avanath Capital Management has acquired Morton Village, a 207-unit workforce housing community in the Boston area, from an affiliate of Mirak Properties. The acquisition represents Avanath’s first purchase in the Boston market, according to Daryl Carter, founder and CEO of Avanath Capital Management.

Media inquiries

Brower Group

Lexi Astfalk

949.438.6262
lastfalk@brower-group.com media@avanath.com

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