In 2017, Driftwood Acquisitions and Development purchased a 218-room dual-branded Hilton Hotel in Fort Lauderdale, FL, with its joint venture and co-development partner Merrimac Ventures. The partners commenced ground-up construction on the development promptly after.
Chicago tied with Los Angeles for the fourth-most-active office construction market in the U.S, with 7.4M SF under construction, according to Avison Young’s Mid-Year 2019 Global Office Market Report. Nearly half of that space is pre-leased. New York ranked as the top market, with 14.6M SF underway, followed by Washington, D.C., with 10.9M SF, and Dallas with 7.8M SF.
The properties acquired total a combined 317 units and increase the firm’s multifamily holdings in Chicago to 1,063 units and its total holdings in the Washington DC metro area to 1,169 units, according to John Williams, president and CIO at Avanath Capital Management.
CHICAGO — Avanath Capital Management LLC has acquired two affordable housing properties in Chicago for $43.7 million. Avanath purchased Scotland Yard Apartments in the Buena Park neighborhood for $28.3 million.
Avanath Capital Management, a private real estate investment manager and Registered Investment Adviser, has purchased three affordable housing communities with a combined 317 units in Chicago and Maryland.