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| Daryl J. Carter |
IRVINE, CA – Avanath Capital Management, LLC, a private real
estate investment manager, has announced the company closed eight affordable
housing acquisitions totaling more than 1,700 units in 2014, making the firm
one of the largest purchasers of affordable assets in the calendar year,
according to Daryl Carter, Founder, Chairman and CEO of Avanath Capital
Management, LLC, and this year’s Chairman of the National Multi Housing
Council.
The eight assets were purchased through Avanath Affordable
Housing II, LLC, a fund with $200 million of equity commitments.
“In 2015, we intend to continue Avanath’s strategy of
identifying and acquiring high-quality affordable assets in major employment
markets,” explains Carter.
According to John R. Williams, President and CIO of
Avanath, “In the current economic environment, the affordable housing sector
continues to be one of the few segments of the real estate investment industry
with attractive economics, boasting excellent and sustainable risk-adjusted
returns with high barriers to entry and strong downside protection.”
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| John R. Williams |
Avanath plans to redevelop and/or reposition the acquired
properties, a strategy that will benefit the surrounding communities, according
to Williams.
“In addition to the financial benefits, ancillary social
benefits can be achieved by investing in real estate in low- to moderate-income
neighborhoods and other underserved areas,” explains Williams.
Avanath specializes in the acquisition and operation of
affordable and workforce housing assets nationwide, with a focus on
supply-constrained markets.
Specific investment strategies include the acquisition of
existing Low Income Housing Tax Credit (LIHTC) portfolios and individual
developments located in urban markets throughout the U.S.
In 2015, Avanath anticipates investing an additional $100
million of equity capital in the acquisition of affordable/workforce housing
through the same fund, notes Williams.
At the close of investing Fund II, the firm will have
approximately 40 multifamily properties totaling more than 7,000 units under
management and ownership.
For a complete copy of the company’s news release and list of properties, please
contact:
Amanda Brenner/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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