Irvine-based Avanath Capital Management has made its first hometown acquisition with the $19.85 million purchase of The Grove Senior Apartments in Garden Grove. The property at 12721 Garden Grove Blvd. has 85 apartments and was sold by Meta Housing, an affordable housing developer based in Los Angeles.
“The Orange County market is an extraordinarily affluent area … Home prices throughout the region remain extremely expensive, making homeownership difficult for many,” Daryl Carter, founder, chairman and CEO of Avanath Capital Management, said in a statement. “This has resulted in a strong demand for affordable housing units, especially among seniors.”