Avanath Capital Management Increases Stake in Sacramento; Acquires Three Affordable Housing Communities for $56.5 Million

Geneva Pointe Apartments, Elk Grove, CA

SACRAMENTO, CA– Avanath Capital Management, LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired an affordable housing portfolio of three apartment communities totaling 468 units in Sacramento for $56.5 million.

This acquisition nearly doubles Avanath’s footprint in this market, bringing its total concentration of units to 1,034 apartment homes in the Sacramento region.

“Sacramento is one of the hottest real estate markets in the nation right now and is experiencing explosive growth,” asserts John Williams, President and Chief Investment Officer of Avanath.

John R. Williams

“The market has made a tremendous comeback since the Recession and leads the nation in highest annual effective rent growth, with rental increases exceeding 10.5 percent last year. This surge in market-rate rents is placing enormous pressure on renters and driving demand for affordable housing throughout the region.”

Williams notes that a regional migration is underway as the high cost of living in the Bay Area drives renters to the surrounding Sacramento suburbs in search of affordability.

“While still an affordable alternative to the Bay Area, Sacramento is now seeing rapid rent appreciation and not enough supply of quality affordable housing to meet current demand,” continues Williams. 

“This acquisition will allow us to preserve affordability in one of the fastest rent-growing markets in the country, while also amassing economies of scale by bringing our total Sacramento portfolio to over 1,000 affordable units.”

Built in 2005 and 2006 under the Low Income Housing Tax Credit program, the three-building portfolio was 98.5 percent occupied at acquisition and of relatively new vintage, providing strong in-place cash flow and an opportunity to add value through minimal capital improvements, according to Williams.

For a complete copy of the company’s news release, please contact:

Katie Kea / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kkea@BrowerMillerCole.com

 www.avanath.com.

Raintree Partners Announces More Than $500 Million in Mixed-Use Development Projects in California

Jason Check

            LAGUNA NIGUEL, CA – Raintree Partners, an Orange County-based private commercial real estate investment company, is under construction on three mixed-use projects in California totaling more than $500 million in value.

            The projects include a 465-unit apartment and co-working property in Sunnyvale, California; a 109-unit multifamily and retail project in Dana Point, California; and a 92-unit multifamily, co-working, and kayak rental property on the waterfront in San Francisco, California.

            “Mixed-use projects including authentic retail and food options as well as dedicated workspaces for residents have always been a part of great cities,” says Jason Check, Managing Director of Raintree Partners. 

“That said, there has been a rise in demand for these projects over the past five years, as communities seek to increase opportunities for engagement and connection among people and businesses, driving economic growth and delivering higher quality of life for community members.”

            Check attributes the recent increase in mixed-use developments to a shift towards a more urban, walkable way of life that is in demand across the nation.

For a complete copy of the company’s news release, please contact:

Elisabeth Manville

Junior Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

emanville@browermillercole.com

www.encasaliving.com.

PMB Selected to Develop New San Antonio Regional Hospital Medical Office Building in Upland, CA

Rendering of Planned Ambulatory Care Medical Office Building,
San Antonio Regional Hospital Campus, Upland, CA

Upland, CA – Development is underway for a 56,000-square-foot, two-story ambulatory care medical office building on the San Antonio Regional Hospital campus in Upland, Calif. that will include a City of Hope community cancer center.

Construction is scheduled to begin the second quarter of 2017, and the building is projected to open in Fall 2018.

 PMB is providing program management, development and design management services for the project on behalf of San Antonio Regional Hospital.

Jim Rohan

The new building is part of a larger, campus-wide project that involves construction of a new four-story patient tower, which opened in January 2017. 

The new Vineyard Tower has 92 private rooms, including a 12-bed critical care unit, as well as a new, 8,000-square-foot emergency department with 52 beds and three major treatment rooms.

“We are delighted to be working with San Antonio Regional Hospital and to be a part of the revitalization of the hospital campus,” says Jim Rohan, SVP Development, PMB.  “It’s rewarding for us to help sustain and grow a private community hospital with a 110-year history of serving the residents in the western region of the Inland Empire.”

The new medical office building will be situated on a three-acre site located on San Bernardino Road across from the hospital’s main entrance. It will replace an existing, functionally obsolete medical office building which is predominately comprised of hospital administrative services.  The building will be demolished and the staff will be relocated to other campus buildings.

City of Hope, a world class leader in cancer treatment and research, will lease approximately 25,000 square feet in the new MOB for a community cancer center. City of Hope services include radiation therapy, infusion services, hematology and medical oncology, general surgical oncology, related surgical subspecialties and clinical trials. The new building will also house San Antonio Regional Hospital’s Women’s Breast and Imaging Center, a community resource center and medical offices.

San Antonio Regional Hospital Campus, Upland, CA

The design of the new medical office building will complement the hospital’s new Vineyard Tower and the local surroundings with the use of a glass curtain wall, metal wall panels, and native landscaping. 

Sustainable design and building practices will be implemented throughout the new facility.  The building will feature custom-designed medical office suites and convenient parking located next to the building.

Maintaining hospital campus operations, parking availability, and minimizing construction debris is at the forefront of PMB’s planning of the project. 

In addition to PMB serving as program manager, HMC Architects, specialists in healthcare design, is providing architectural services for the MOB. Millie and Severson, one of Southern California’s largest and most respected builders, will serve as the project’s general contractor.

For a complete copy of the company’s news release, please contact:

Jessica Thompson 949-233-8575 / Jessica@spauldingthompson.com

Laura Mickelson 949-295-4452 / LauraMickelson@cox.net