Avanath Capital Management, LLC announced the final close of its fourth discretionary fund with a total of $760 million in equity commitments. That figure is significantly above the fund’s original commitment target of $550 million.
Avanath’s Daryl Carter says, “Our focus has always been on preserving affordability in underserved markets across the country. As our fourth fund, we plan to continue this mission by bringing institutional capital to these communities, many of which are communities of color.”
The fund will target affordable/workforce housing assets in supply-constrained markets with high barriers to entry that are poised for strong job, income, and economic growth. Avanath has acquired or has under control 16 assets (3,234 units) within the fund totaling $387 million in investment equity.
Avanath’s John R. Williams notes more than 50% of the capital raised came from European and UK investors and more than 40% of the fund was raised throughout the pandemic.