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| Tatiana Gutierrez |
Boston, MA — Avanath Capital Management, a private real estate firm that invests in affordable and workforce housing properties throughout the U.S., has announced the acquisition of Morton Village, a 207-unit workforce housing community in Mattapan, Massachusetts, from an affiliate of Mirak Properties.
The acquisition represents Avanath’s first purchase in the Boston market, according to Daryl Carter, Founder and CEO of Avanath Capital Management.
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| Ruth H. Silman |
“Boston, which is one of the nation’s top tech and life sciences hubs, aligns well with our strategy of investing in regions with strong job and population growth and in locations that are in close proximity to employment and transportation centers, where there are barriers to developing new supply.
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| Daryl J. Carter |
"We are thrilled to make our debut in the Boston market and to add Morton Village to our existing portfolio of more than 10,000 units across the country.”
Carter adds that Morton Village also aligns with Avanath’s strategy of preserving affordability by acquiring, improving, and operating affordable and workforce apartment properties across the nation.
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| Ali Walendziak |
As part of the purchase, Avanath Capital Management worked closely with the City of Boston to ensure that Morton Village Apartments will remain affordable to residents.
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Morton Village, a 207-unit workforce housing community in Mattapan, MA (Image courtesy of CoStar Group, Inc.) |
“Guaranteeing long-term affordability for these homes is critically important for families and represents Boston’s steadfast commitment to prevent displacement,” said Mayor Marty Walsh.
“I am pleased that Avanath Capital Management was able to work with the residents and the City of Boston to ensure Morton Village remains their home without fear of being priced out.
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| Boston Mayor Marty Walsh |
"We will continue to work hard so tenants are not harmed in the process when there are administration changes in rental properties.”
Built in 1965 by the seller, Morton Village comprises four separate four-story elevatored buildings strategically located adjacent to the Morton Street MBTA commuter rail station and two miles away from exits 11 and 12 on Interstate 93, offering easy access to numerous employment centers. The community features floorplans averaging 920 square feet.
The Mirak family self-managed the property for more than 50 years before the recent sale to Avanath.
“When we built Morton Village, we voluntarily offered rents to residents at levels well below market rate,” says a representative of the seller’s family.
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| Simon Butler |
"We feel confident in this sale, knowing that Avanath will keep these apartment homes affordable for residents of this community.”
Simon Butler, Biria St. John, and John McLaughlin of CBRE represented the seller in the sales transaction.
“We are pleased that we were able to help the seller achieve their goal by procuring Avanath, who had additional support from the City of Boston,” says Butler.
“While this sale marks the conclusion of the Miraks’ long-term ownership of the community, through Avanath’s commitment, the affordability of these apartment homes will be preserved well into the future.”
Attorneys Tatiana Gutierrez, Jeffrey Sacks, Ruth Silman and Ali Walendziak of law firm Nixon Peabody represented Avanath as legal counsel in the purchase of Morton Village Apartments, including negotiations on the unique grant and affordability provisions with the City of Boston, special rent protections for existing residents and the financing with CBRE Capital and FannieMae.
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| Biria St. John |
The purchase of Morton Village comes on the heels of Avanath’s acquisition of four affordable housing communities totaling 440 units in the Orlando, FL, Detroit, MI, Sterling, VA markets.
These assets include Saxon Trace Apartments, a 192-unit family property in Orange City, Florida; North End Village, a 50-unit affordable apartment community in Detroit, Michigan; Cameron Court, a 48-unit affordable seniors housing community in Detroit, Michigan; and Cascade Village, a 150-unit affordable housing community in Sterling, Virginia.
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| Jeffrey W. Sacks |
Morton Village is located at 65 Morton Village Drive in Boston, Massachusetts.
About Avanath Capital Management
Avanath Capital Management is a privately-held, vertically integrated investment firm managing real estate and real estate-related investments generating risk-adjusted returns through current income and capital appreciation from its investments.
The firm is also a Registered Investment Adviser and provides property management services through Avanath Realty, Inc.
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| John McLaughlin |
Avanath professionals have real estate operating expertise and long-standing relationships with strong local, regional and national sponsors that can access investment opportunities aligned with Avanath's initiatives.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue).
The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide.
CONTACT:
Lexi Astfalk
(949) 438-6262
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