Avanath Capital Management, a multifamily owner and operator focused on affordable housing, has completed the initial closing of its open-ended affordable housing fund.
With $536 million in equity commitments, the seeded investment vehicle has already assembled an $830 million affordable housing portfolio of 27 institutional-quality apartment communities.
The fund will serve as the firm’s sole investment vehicle for new affordable and workforce housing acquisitions moving forward, and it will provide cash for additional acquisitions.
“This closing of this perpetual-life vehicle marks the beginning of an exciting new chapter for the Avanath team,” said Daryl Carter, chairman and CEO of Avanath. “In addition to accelerating the firm’s growth and expanding our acquisition capacity, the fund’s infinite lifespan enables us to invest on an ongoing basis in affordable housing that serves residents and communities in need throughout the country.”
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