Long Beach units converting to affordable housing
Avanath Capital Management in Irvine is converting just under half of a Long Beach apartment complex into affordable housing. The firm said it is restructuring 40% of the 358 units at Seaport Village by restricting rents to those who earn up to 80% of area median income. “As part of our ownership strategy, we continue to evaluate ways to enhance the long-term value of our portfolio and best serve our residents,” said John R. Williams, president at Avanath.