Avanath acquires 120-unit affordable senior housing community in West Sacramento

Avanath Capital Management announced it has acquired Rivers Senior, a 120-unit affordable senior housing community located in West Sacramento, Calif., for $19 million, according to Daryl Carter, chairman and CEO at Avanath’s Founder.

“Housing affordability in many West Coast markets like Sacramento is notoriously low — especially for seniors, many of whom are living on fixed incomes,” said Carter. “Sacramento is one of the fastest-growing markets in the country, as evidenced by 12 percent rent growth over the last 12 months and average home price increases of 8.12 percent per annum over the last five years. In fact, affordability is seen as Sacramento’s biggest housing-market challenge. Given the current dynamics of rising market-rate rents, elevated cost of living, and inflation, this transaction is especially significant and comes at a critical time.”

The property was acquired in an off-market transaction with the seller, from whom Avanath has pre