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| Rendering of Blunn Creek Apartments, Austin, TX |
AUSTIN, TX, April 15, 2019 — Avanath Capital Management,
LLC, a private real estate investment manager and Registered
Investment Adviser, has acquired a 280-unit affordable housing community at 701
Woodward Street in Austin, Texas. The asset was acquired for a total
consideration of $35.15 million.
Avanath
purchased the apartment community from Hunt Companies, which was represented in
the transaction by ARA Newmark.
Built in 2002, Blunn
Creek is a family LIHTC community comprising 12 three-story structures and
a community building. The property is 96.4% occupied and 98.6% preleased, with
historical occupancy averaging 98% over the last three years.
“Avanath recognized
this as an opportunity to purchase a sizable community in a superior location
in a submarket with high demand for affordable housing and limited affordable
housing options,” says John Williams, President and CIO of Avanath
Capital Management.
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| John Williams |
“Blunn
Creek is well-positioned to continue its strong occupancy.”
Williams notes that,
according to Austin’s Strategic Housing Blueprint, the city will need 60,000
new housing units for low-income families, plus another 75,000 market rate
units to meet its housing needs for the next decade.
“Austin is an ideal
market in which to invest affordable housing capital since it is one of the
fastest-growing metropolitan areas in the U.S., and homeownership is
prohibitive in this market for families with low incomes,” says Williams.
Contact:
Lexi
Astfalk
(949) 955-7940
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