Avanath Capital Management has entered the Orange County market with the acquisition of The Grove Senior Apartments, an 85-unit senior housing community in Garden Grove, Calif.
The property was acquired for $19.85 million.
Avanath is headquartered in Irvine, Calif., and while the firm has 10,000+ units within its portfolio across the United States, this marks its first acquisition in its hometown market of Orange County.
“Although we currently own nine properties in the Southern California region, we are thrilled to be acquiring our first Orange County asset,” said Daryl Carter, founder, chairman and CEO of Avanath Capital Management. “The Orange County market is an extraordinarily affluent area and has one of the six highest AMIs in Southern California. Home prices throughout the region remain extremely expensive, making home ownership difficult for many. This has resulted in a strong demand for affordable housing units, especially among seniors.”
