Avanath Capital Management has acquired two affordable multifamily properties totaling 273 units for a combined total of $29.36 million.
The firm acquired Menlo Manor, a 240-unit affordable senior housing community in New Jersey and Coral Ridge Isles, a 33-unit workforce housing community in Florida, which was acquired in joint partnership with Oak Tree Residential. Both properties were acquired through Avanath’s institutional fund, Avanath Affordable Housing III, which closed in 2017 with $388 million in equity commitments.
“We are focused on acquiring and preserving affordable and workforce housing assets in strong growth markets across the country, including areas across the East Coast,” said John Williams, president of Avanath Capital Management. “This is our second acquisition in New Jersey, and our ninth in Florida. Earlier this year, we acquired Centennial Court, a 101-unit senior apartment community in Wharton, which brings our holdings in the New Jersey/New York metro area to a total of 1,045 units. We also currently own a total 1,647 units in Florida.”
Williams explained that both New Jersey and Florida are undergoing rapid economic growth and expansion, as well as experiencing significant population gains. This has led to increased demand for affordable housing options across both states.