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| Menio Manor Apartments, Edison, NJ |
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.
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| 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 |
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.
Constructed
in 1980, the property is extremely well-maintained and located in an
exceptionally strong submarket, according to Williams.
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| John 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.”
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| 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.”
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.
"Coral Ridge Isles provides the average working American throughout the region with quality and affordability.”
 |
| Daryl J. Carter |
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
