Avanath Capital Management LLC has expanded its footprint with the acquisition of The Grove Senior Apartments, an 85-unit fully affordable community in Garden Grove, Calif. Meta Housing Corp., the property’s original developer, sold the senior community in a transaction valued at $19.9 million.
According to Yardi Matrix data, the trade was subject to a $12.5 million Fannie Mae loan, provided by Prudential Financial. The 10-year debt bares an annual interest rate of 2.6 percent.