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| John Williams |
BOULDER, CO (July 25,
2017) – Avanath Capital Management, LLC, an institutional fund manager that has
invested over $1 billion in affordable and workforce housing properties
throughout the U.S., has acquired Depot
Square, a 71-unit affordable housing community in Boulder, Colorado for
$13.6 million. This is the firm’s first acquisition in Colorado.
Depot Square is a Class-A,
LEED Gold Certified affordable property near the new Boulder Google campus, and
was built as one component of Boulder Junction, a 160-acre mixed-use,
transit-oriented development which includes a 150-room hotel, a restaurant,
five-story parking structure, and an underground RTD bus station.
“This property’s
phenomenal location and high-quality build made it an attractive addition to
our national portfolio,” confirms John
Williams, President and Chief Investment Officer of Avanath.
“As a newly-constructed affordable community
within a mixed-use, transit-oriented development, Depot Square presented a
compelling investment opportunity to capitalize on the demand for housing near
major jobs, transit options, and retail amenities, while also maintaining
affordability in one of the most cost-burdened markets in the state.”
According to Williams,
market-rate rents for comparable Class-A multifamily product in Boulder average
$2,100 per month, nearly double the average rent of $1,200 per month at Depot
Square, indicating a critical need for affordable housing in this submarket.
For a complete copy of the company's news release, please contact:
Katie Kea / Jean Quader
Brower, Miller & Cole
(949) 955-7940
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