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| John Williams |
Alexandria,
VA and Orlando, FL — Avanath Capital Management, LLC,
a private real estate investment manager and Registered Investment Adviser, has
purchased two affordable apartment communities with a combined total of 578
units in Alexandria, Virginia – a city in the Washington D.C. Metro area – and
Orlando, Florida.
The assets were acquired for a combined total
of $99.175 million, according to John Williams, President and CIO of
Avanath Capital Management.
“Both the
Washington D.C. Metro and Orlando markets align well with Avanath’s investment
strategy of targeting markets with strong economic, job, and population growth
where home affordability is becoming increasing more difficult and market-rate
rents continue to rise,” says Williams.
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| Daryl J. Carter |
Alexandria Station
Apartments in Alexandria, Virginia
Avanath Capital
Management has acquired Alexandria Station, a 290-unit affordable apartment
community in Alexandria, Virginia, for $52.675 million.
Built in 1965
and renovated in 1998 and 2010, Alexandria Station is a 97% occupied affordable
family community comprising 25 three-story structures.
The property
marks Avanath’s eighth investment in the D.C. Metro area, including Virginia
and Maryland.
Alexandria
Station is located at 318 Whiting Street in Alexandria, VA.
Brooke Commons in
Orlando, Florida:
 |
| University of Central Florida, main campus, Orlando, FL |
Avanath Capital
Management also purchased Brooke Commons, a 288-unit mixed income community in
Orlando, Florida for $46.5 million.
Built in 2000,
Brooke Commons is a 99% occupied family community comprising 36 two-story buildings.
5% of the units at the property serve residents that make 55% of AMI, 50% of
the units serve residents who make 60% of AMI, and 45% of the units serve
residents who make 60-80% of AMI.
The asset is located three miles from the University of Central Florida, one of the largest universities in the U.S., according to Williams.
Avanath now
owns a total of five properties in the Orlando metro market totaling 1,352
units, including Academy at Waterford Lakes, which is approximately four miles
from the property. Avanath owns a total of 10 properties totaling 1,605 units
across Florida.
Founded by Daryl J. Carter, the Avanath
management team averages 25 years of experience and has successfully guided
investment funds in defining growth opportunities and delivering attractive
returns.
Contact:
Lisa James
(949) 438-6262
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