A California affordable housing operator that for years has been focused on buying and preserving aging apartments as affordable and workforce housing properties is pivoting to something new as the housing shortage continues to roil major cities: building apartments in factories. Avanath Capital Management is partnering with New York-based modular construction firm Vessel Technologies to fund and build modular apartments in major markets like Boston, Los Angeles, New York City and Chicago. Avanath founder and CEO Daryl Carter told Bisnow his goal is to build 5,000 units within five years geared toward renters earning 80% of their area’s median income.