Monday, August 6, 2018

Avanath Capital Management Expands East Coast Footprint; Acquires 270+ Affordable Housing Units in New Jersey and Florida

                                                                                                       
Menio Manor Apartments, Edison, NJ
                                                                                                                                              
EDISON, NJ and FORT LAUDERDALE, FL (Aug. 6, 2018) – Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has acquired two affordable multifamily properties totaling 273 units for a combined total of $29.36 million.

The firm acquired Menlo Manor, a 240-unit affordable senior housing community in New Jersey and Coral Ridge Isles, a 33-unit workforce housing community in Florida. Both properties were acquired through Avanath’s institutional fund, Avanath Affordable Housing III.
“We are focused on acquiring and preserving affordable and workforce housing assets in strong growth markets across the country, including areas across the East Coast,” says President of Avanath Capital Management, John Williams. 
Coral Ridge Isles Apartments, Fort Lauderdale, FL
“This is our second acquisition in New Jersey, and our ninth in Florida. Earlier this year, we acquired Centennial Court, a 101-unit senior apartment community in Wharton, which brings our holdings in the New Jersey/New York metro area to a total of 1,045 units. We also currently own a total 1,647 units in Florida.”
            Williams explains that both New Jersey and Florida are undergoing rapid economic growth and expansion, as well as experiencing significant population gains. This has led to increased demand for affordable housing options across both states.
The property is located at 161 Inman Avenue in Edison, New Jersey, and is comprised of a mix of studios, one-, and two-bedroom units. The seller, Jeff Spragens, was represented by Alex Medeiros of CBRE.
Alex Madeiros
“Both of these acquisitions will allow us to maintain housing affordability in these cost burdened areas, as well as amass economies of scale to drive down operating costs, and better serve residents,” says Williams.
These acquisitions include:
240-Unit Senior Housing Community in Edison, New Jersey
Avanath Capital Management acquired Menlo Manor, a 240-unit, five-story affordable apartment community for seniors in Edison, New Jersey.
The property is located at 161 Inman Avenue in Edison, New Jersey, and is comprised of a mix of studios, one-, and two-bedroom units. The seller, Jeff Spragens, was represented by Alex Medeiros of CBRE.


John Williams
Constructed in 1980, the property is extremely well-maintained and located in an exceptionally strong submarket, according to Williams.
“Edison has historically benefited from its proximity to New York City, and continues to outperform other areas of Central New Jersey,” says Williams. “Because of this, there is an extremely strong demand and need for affordable housing options for seniors throughout the area.”
Williams explains that seniors want to be located in dense regions that allow them to be close to their families.
“This is why we strategically acquire properties that are located in areas near major urban centers and amenities. In fact, Menlo Manor is located in close proximity to interstate 287, major employment hubs, retail centers, schools and medical institutions, among other amenities,” says Williams. “This allows us to provide deeply affordable housing to seniors in areas where it is most needed.”

Kirk A. Felici


33-Unit Workforce Housing Community in Fort Lauderdale, Florida
Avanath Capital Management has acquired Coral Ridge Isles, a 33-unit workforce affordable housing community in Fort Lauderdale, Florida. This property was acquired in joint partnership with Oak Tree Residential.

The apartment community is located at 1400 NE 53rd Court in Fort Lauderdale, Florida. The seller, a private investor, was represented by Kirk A. Felici of Marcus & Millichap.
Located in the Coral Ridge Isle neighborhood, Coral Ridge Isles is surrounded by large single-family homes, and is one of the only remaining apartment communities in the region that has not been converted to condos, according to Williams.
“This has resulted in significant demand for quality workforce housing in the area,” he explains. “In addition, much of the multifamily development throughout the Fort Lauderdale submarket has been focused on luxury multifamily communities that cater to residents that make in excess $100K per year, creating a significant lack of affordable supply. 

"Coral Ridge Isles provides the average working American throughout the region with quality and affordability.”

Daryl J. Carter
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. 

Avanath professionals have real estate operating expertise and long-standing relationships with strong local, regional and national sponsors that can access investment opportunities aligned with Avanath's initiatives. 
For more information, please contact:

Samantha Kay / Lexi Astfalk
(949) 955-7940

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