Avanath completes first OZ fund acquisition
Avanath Capital Management, a multifamily owner and operator that focuses on market-rate and affordable housing, has completed the acquisition of the Arbors at Cary, a 248-unit affordable housing community in Cary, N.C.
The firm plans to redevelop the apartment community under the opportunity zone legislation, according to Wesley Wilson, CFO at Avanath.
The apartment community is located in the Town of Cary, within the Raleigh/Durham metropolitan area, known as Research Triangle, and is deemed an opportunity zone.
“This is our first acquisition within the opportunity zone fund legislation,” said Wilson. “The goal of this investment is to improve low-income communities in designated opportunity zones and to defer and reduce current taxes and provide long-term tax-free investment gains for qualified investors. Our opportunity zone platform is designed to acquire quality affordable/workforce housing assets in strong growth markets that need expansion and/or