Avanath acquires two affordable communities totaling 578 units for nearly $100 million in Washington, DC and Orlando, FL

John Williams

Alexandria, VA and Orlando, FL — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has purchased two affordable apartment communities with a combined total of 578 units in Alexandria, Virginia – a city in the Washington D.C. Metro area – and Orlando, Florida.

 The assets were acquired for a combined total of $99.175 million, according to John Williams, President and CIO of Avanath Capital Management.

“Both the Washington D.C. Metro and Orlando markets align well with Avanath’s investment strategy of targeting markets with strong economic, job, and population growth where home affordability is becoming increasing more difficult and market-rate rents continue to rise,” says Williams. 

Daryl J. Carter

Alexandria Station Apartments in Alexandria, Virginia

Avanath Capital Management has acquired Alexandria Station, a 290-unit affordable apartment community in Alexandria, Virginia, for $52.675 million.

Built in 1965 and renovated in 1998 and 2010, Alexandria Station is a 97% occupied affordable family community comprising 25 three-story structures.

The property marks Avanath’s eighth investment in the D.C. Metro area, including Virginia and Maryland. 

Alexandria Station is located at 318 Whiting Street in Alexandria, VA.

Brooke Commons in Orlando, Florida:

University of Central Florida, main campus, Orlando, FL

Avanath Capital Management also purchased Brooke Commons, a 288-unit mixed income community in Orlando, Florida for $46.5 million.

Built in 2000, Brooke Commons is a 99% occupied family community comprising 36 two-story buildings. 5% of the units at the property serve residents that make 55% of AMI, 50% of the units serve residents who make 60% of AMI, and 45% of the units serve residents who make 60-80% of AMI.

            
The asset is located three miles from the University of Central Florida, one of the largest universities in the U.S., according to Williams.

Avanath now owns a total of five properties in the Orlando metro market totaling 1,352 units, including Academy at Waterford Lakes, which is approximately four miles from the property. Avanath owns a total of 10 properties totaling 1,605 units across Florida.

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. 

Contact:

Lisa James

Brower Group

(949) 438-6262

LJames@brower-group.com

www.avanath.com