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Avanath fund holds final close

by Zoë Wolff

Avanath Capital Management has held a final close for its second real estate fund, Avanath Affordable Housing II, according to John Williams, president and CIO of Avanath. The fund has raised $200 million in equity.  The fund held a first close of $42.5 million in December 2013 and a second close of $67.5 million in May 2014, and is 70 percent committed with investments. The fund has invested in 12 affordable and workforce multifamily assets in California; Washington, D.C.; New York City; Orlando and Naples, Fla.; and Cary, N.C.. The opportunistic fund is expecting 13 percent to 15 percent net returns for its 10 investors, which include state pension funds, banks, insurance companies, a foundation and a family office. Avanath Affordable Housing I had a final close in April 2012, raising $120 million.

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