Avanath Capital Management acquires two affordable housing communities for $44m

Avanath Capital Management has announced the acquisition of a senior affordable housing community located in Sterling, Va., and a historic affordable family community in San Jose, comprising 209 units in total. The properties were purchased for $44.65 million.

The acquisitions represent the firm’s continued expansion into new markets as well as its ability to realize economies of scale in markets where it currently owns assets, according to John Williams, president and CIO of Avanath Capital Management.

“As a leading owner and operator of affordable housing communities in key markets throughout the country, Avanath is adept at identifying markets with strong population and job growth where opportunity exists to provide attractive and affordable apartment communities for residents throughout the area,” said Williams. “Northern Virginia, where we now own four assets, and Northern California, where we now own eight assets, are two regions that show great potential