Tuesday, July 25, 2017

Avanath Capital Management Enters Colorado Market; Acquires Affordable Housing Community Near Boulder Google Campus

John Williams
BOULDER, CO (July 25, 2017) – Avanath Capital Management, LLC, an institutional fund manager that has invested over $1 billion in affordable and workforce housing properties throughout the U.S., has acquired Depot Square, a 71-unit affordable housing community in Boulder, Colorado for $13.6 million. This is the firm’s first acquisition in Colorado.

Depot Square is a Class-A, LEED Gold Certified affordable property near the new Boulder Google campus, and was built as one component of Boulder Junction, a 160-acre mixed-use, transit-oriented development which includes a 150-room hotel, a restaurant, five-story parking structure, and an underground RTD bus station.

“This property’s phenomenal location and high-quality build made it an attractive addition to our national portfolio,” confirms John Williams, President and Chief Investment Officer of Avanath.

 “As a newly-constructed affordable community within a mixed-use, transit-oriented development, Depot Square presented a compelling investment opportunity to capitalize on the demand for housing near major jobs, transit options, and retail amenities, while also maintaining affordability in one of the most cost-burdened markets in the state.”

According to Williams, market-rate rents for comparable Class-A multifamily product in Boulder average $2,100 per month, nearly double the average rent of $1,200 per month at Depot Square, indicating a critical need for affordable housing in this submarket.

  For a complete copy of the company's news release, please contact:

Katie Kea / Jean Quader
Brower, Miller & Cole
(949) 955-7940

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