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| Hinsdale Lake Terrace Apartments, Willowbrook, IL |
CHICACO, IL and WILLOWBROOK, IL — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has acquired two affordable multifamily properties totaling 668 units in the Chicago metro.
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| John R. Williams |
The assets were acquired through Avanath’s institutional fund, Avanath Affordable Housing III for a combined total of $72.2 million.
The properties include 582-unit Hinsdale Lake Terrace in Willowbrook and 86-unit Drexel Court in Chicago. Both are mid-1900’s-era affordable housing properties in economically thriving submarkets, according to John Williams, President and CIO of Avanath Capital Management.
“The Chicago market is precisely aligned with our investment thesis, through which we preserve affordability in the nation’s most cost burdened regions, while simultaneously driving value for investors,” says Williams.
“Chicago has emerged as a hub of growth with rapid economic revitalization that is now spilling over into the city’s submarkets and South Side. With this sprawl comes rent increases, which put pressure on the local workforce and community, resulting in a dire need for more affordable housing options.”
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| Drexel Court Apartments, 6140 S. Drexel Avenue, Chicago, IL |
By acquiring these two properties, Avanath is addressing this need while also amassing economies of scale to drive down operating costs for investors.
“This acquisition increases our footprint in the region, bringing our portfolio in the Chicago metro to more than 840 units,” Williams says. “Drawing upon our national property management platform, we will be able to increase operational efficiencies and deliver a high quality of life to our residents throughout the region.”
Avanath Capital Management acquired Hinsdale Lake Terrace, a 582-unit, family affordable apartment community at 16 West 150 Honeysuckle Rose Lane in Willowbrook, Illinois for $63 million.
Avanath Capital Management also acquired Drexel Court Apartments, a six-story, 86-unit affordable housing community at 6140 S. Drexel Avenue in Chicago, Illinois. for $9.15 million.
CONTACT:
Lexi Astfalk / Lisa James
(949) 955-7940
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