Avanath acquires senior & affordable housing portfolio in Sacramento, Calif., for $182m

Avanath Capital Management has acquired in an off-market transaction six affordable family and senior multifamily communities in the Sacramento, Calif., metropolitan area with an investment value of more than $181.6 million.

The acquisition expands Avanath’s presence in the Northern California market, a region where accessibility to affordable housing has become increasingly challenging, according to Daryl Carter, founder, chairman, and CEO of Avanath.

“Preserving affordability in markets where rental rates are historically high is the essence of our firm’s mission,” said Carter. “As the Northern California region is a hub for technology and other high-paying industries, market-rate apartments have been driven out of reach for many lower-income families and seniors. Our goal is to provide housing that these renters can afford, particularly as inflation continues to rise.”

The multifamily portfolio Avanath purchased consists of four family and two sen