Avanath Expands East Coast Portfolio: Acquires 200+ Affordable Family and Seniors Units in New York and Maryland for $36.25 Million

  

54-Unit Invincible Court, Harlem, NY

            HARLEM, NY and TEMPLE HILLS,  MD — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has expanded its East Coast portfolio, acquiring two affordable properties in New York and Maryland for a combined total of $36.25 million.

            The properties include Invincible Court, a 54-unit affordable family community in Harlem, New York, and Manor at Victoria Park, a 148-unit senior affordable community in Temple Hills, Maryland.

           

“The need for quality affordable housing impacts all demographics everywhere,” says Daryl Carter, Founder, Chairman and CEO of Avanath Capital Management.

Abyssinian Baptist Church, Harlem, NY is the third oldest
African American church in the U.S.

 “Whether a millennial priced out of a city’s urban core or a baby boomer retiring, downsizing and living on a fixed income, this demand continues to grow across the U.S.”

           

 In fact, all of the baby boomer generation will be 65 and older by 2030, meaning that over the next several years there will be an influx of renters looking for affordable senior properties. There will also be growing demand from younger generations as the wage gap continues to widen and rents continue to rise.

          

  “By acquiring these two assets, we will be able to capture both ends of the market, providing affordable options to renters who need it most while also delivering risk-adjusted returns to our investors,” says Carter.

148-Unit Manor at Victoria Park Apartments, 3420 Rickey Avenue, Temple Hills, MD

            These two acquisitions include:  

       

54-unit Affordable Housing Community in Harlem, NY

Avanath has acquired Invincible Court, a 54-unit affordable family apartment community in Harlem, New York, for $19.25 million.

The property was acquired in JV partnership with Oak Tree Residential.

The apartment community is located in the Central Harlem area of Manhattan near the Abyssinian Baptist Church, which is the third oldest African American church in the U.S. and one of the cornerstones of the Harlem Renaissance cultural movement in the 1920s, according to Carter.

“As a student of African American history, it is particularly meaningful to me that Invincible Court is located a few doors away from the Abyssinian Baptist Church,” says Carter.

 “This was a unique opportunity to acquire an asset in a neighborhood with such historical significance, and one that has undergone tremendous growth over the last several years.”

Rendering of Columbia University Campus Extension,
125th Street and Broadway, Manhattan, NY

The $6.3 billion Columbia University campus extension at 125^th Street and Broadway, along with an ongoing migration of younger renters being priced out of other areas across Manhattan, are major components in fueling this growth. 

“The new campus extension is planned to bring hundreds of jobs and new residents to the region, driving long-term demand for the property,” explains Carter.

Avanath plans to implement a series of renovations to the property, which will include renovations to the interior units, building improvements, transforming the basement space into a laundry facility, and adding storage lockers.

            “Two of the top in-demand amenities for residents at the property are laundry and storage space,” says Carter. “By transforming the unused basement into a laundry and storage facility, we will be able to enhance the quality of life for residents, increase occupancy, and reduce turnover at the property.”

Daryl Carter

Invincible Court is located at 112 West 138^th Street in Harlem, New York. The apartment features studios, one- and two-bedroom floorplans. Friedman-Roth represented the seller, 138^th Street Properties, LLC.

148-unit Senior Affordable Housing Community in Temple Hills, MD

Avanath has acquired Manor at Victoria Park, a 148-unit senior affordable community in Temple Hills, Maryland, for $17 million.  CBRE represented the seller, Harmony Housing.

Located in a suburb of Washington D.C., the property will benefit from its close proximity to downtown D.C., an expansive transportation network, and a growing population of seniors.

“Seniors are increasingly moving out of deeper suburban areas and into suburbs directly outside urban cores, or within 5 to 10 miles of a city center,” explains John Williams, President and CIO of Avanath.

John R. Williams

“This is because many seniors want to be located near transportation, retailers, medical offices, and their families and grandchildren who have opted for more urban environments. This trend will drive continued demand for Manor at Victoria Park over the next several years.”

The property will also benefit from Avanath’s existing presence in the region. Avanath currently owns five other properties in the surrounding areas.

“Because we already have a presence in the area, we will be able to immediately share resources, and drive down operating costs at the property through economies of scale,” says Williams. “This will directly translate to the bottom line for our investors.”

The apartment community features a host of amenities including a beauty salon, billiards room, computer lab, community room, fitness center, convenience store, a walking trail, library, wellness clinic, theater, and community garden.

        

125th Street, Harlem, NY

  “Our strategy regarding affordable housing has always been a holistic approach,” says Williams. “We understand the importance of providing amenities and services that have a positive impact on our residents’ lives.

"These programs and services also result in higher occupancies and less turnover, which creates opportunities for us to consistently maximize returns to investors.”

CONTACTS

Lexi Astfalk / Jenn Quader

Brower Group

(949) 955-7940

Lastfalk@brower-group.com

www.avanath.com.