Avanath acquires three affordable housing communities for $55m

Avanath Capital Management has purchased three affordable housing communities with a combined total of 317 units in Chicago and Maryland. The assets were acquired for a total of $55.05 million.

These acquisitions bring the company’s total holdings in Chicago to 1,063 units and its total holdings in the Washington, D.C., metro area to 1,169 units, according to John Williams, President and CIO at Avanath Capital Management.

“We have been extremely active this year, rapidly expanding our AUM throughout many major markets across the nation,” said Williams. “We target markets where there is tremendous pent-up economic growth, exceptionally strong job and population growth, and an increasing need for affordable housing. Both Chicago and the DC metro area meet these qualifications.”