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| John R. Williams |
IRVINE, CA (March 21,
2016) – Avanath Capital Management, LLC, a private real estate investment
manager that specializes in affordable and workforce housing, has acquired two
affordable multifamily assets, including Silver
Springs, a 251-unit property in the Seattle metro suburb of Kent,
Washington, as well as Oak Village,
a 117-unit property in Oakland, California.
Silver Springs is the firm’s first acquisition in the Pacific Northwest.
“The Seattle metro is
booming with potential, making it a highly competitive market that is extremely
attractive for investors,” explains John
Williams, President and Chief Investment Officer of Avanath.
“The market’s growing
technology sector, mass transit infrastructure, and manufacturing industry are
driving employment in this region, which translates to enormous demand for
affordable housing.
“In addition, our Oak
Village acquisition boasts a prime location in a market with access to
thousands of jobs in the tech and financial industries. Given the strong
correlation between job creation and rent increases, these acquisitions
demonstrate our commitment to targeting markets where affordable housing is
most needed.”
These two acquisitions
constitute the last two assets purchased through Avanath Affordable Housing II,
LLC, an institutional fund with $200 million in equity commitments. Avanath is
currently working toward closing its third institutional fund.
For a complete copy of the company’s news release,
please contact:
Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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