Avanath Capital Management LLC has acquired the Novato Portfolio, comprising two LIHTC rental apartment properties totaling 297 units in the Bay Area submarket of Novato, for $131.5 mil ($443k/unit). Purchased with equity from the firm’s Renaissance Fund and debt financing through CBRE and Fannie Mae, the purchase expands Avanath’s presence in Northern California and achieves its 17th and 18th acquisitions in the market.