Avanath acquires three affordable housing communities
Avanath Capital Management has acquired three affordable housing communities: two in Detroit and one in Orange City, Fla., which is near Orlando. The three properties add a total of 290 units to Avanath’s existing portfolio of more than 10,000 units across the nation.
“Since our portfolio already contains properties in both markets, the newly acquired assets will allow us to further leverage economies of scale in order to better serve lower-income renters in those regions and generate stronger returns for our investors,” said Daryl Carter, founder and CEO of Avanath Capital Management.
The firm acquired Saxon Trace Apartments, a 192-unit family property in Orange City, Fla., for $24.6 million.
Located approximately 30 miles from Orlando, Saxon Trace was attractive to Avanath because the firm was able to purchase it at a low basis in a market that has boomed over the last 10 years, says Carter. According to CBRE, Orlando’s total metro population has gro