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| Vistas at Lake Largo, Upper Marlboro, Maryland |
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| John R. Williams |
WHARTON,
NJ – Avanath Capital Management, LLC, a private
real estate investment manager and Registered Investment Adviser, has acquired
three multifamily properties totaling 311 units for a combined consideration of
$38.08 million.
The
firm acquired Largo Center, a 100-unit family housing community for
$14.3 million and Vistas at Lake Largo, a 110-unit senior housing
community for $15.03 million, both in Upper Marlboro, Maryland.
Avanath
Capital also acquired Centennial Court, a 101-unit senior living complex
for $8.75 million in Wharton, New Jersey. This is the firm’s first acquisition
in New Jersey.
These
acquisitions were purchased through Avanath’s institutional fund, Avanath
Affordable Housing III.
“While
much of the multifamily market still caters to luxury housing, targeting annual
incomes of $100,000 plus, the average American’s annual income is between
$35,000 - $80,000. This presents a deficit of affordable housing options for
the largest group of renters in the United States,” says John Williams,
President and Chief Investment Officer of Avanath.
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| Daryl J. Carter |
“Our focus is to invest in markets with a
need for affordable housing to fill this deficit, ultimately serving the needs
of the largest cohort of renters in our nation.”
Founded by Daryl J.
Carter, the Avanath management team averages 25 years of experience and has
successfully guided investment funds in defining growth opportunities and
delivering attractive returns..
For more information, please contact:
Lindsay Mackay/Lexi Astfalk
(949) 955-7940
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