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| Saxon Trace Apartments, a 192-unit family property in Orange City, FL purchased for $24.6 million |
Detroit, MI and Orlando, FL — Avanath Capital Management, a private real estate firm that invests in affordable and workforce housing properties throughout the U.S. on behalf of institutional investors, has announced the acquisition of three affordable housing communities: two in Detroit, Michigan, and one in Orange City, Florida, which is near Orlando.
The three properties add a total of 290 units to Avanath’s existing portfolio of more than 10,000 units across the nation.
“As a leading investor in affordable housing communities in key markets throughout the country, Avanath is adept at identifying opportunities to provide much-needed affordable housing and improving performance of those properties via our proven strategy,” says Daryl J. Carter, Founder and CEO of Avanath Capital Management.
“The Detroit and Orlando markets align well with our approach, which includes selecting markets and specific locations that share strong demographic trends relative to job/population growth, are near employment and transportation centers, and have barriers to developing new supply.”
In addition, Avanath’s new acquisitions afford the company increased scale and efficiency in the Detroit and Orlando markets, according to Carter.
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| Daryl J. Carter |
“Since our portfolio already contains properties in both markets, the newly acquired assets will allow us to further leverage economies of scale in order to better serve lower-income renters in those regions and generate stronger returns for our investors,” says Carter.
Avanath has purchased the following properties:
Saxon Trace Apartments, Orange City, FL
Avanath Capital Management has acquired Saxon Trace Apartments, a 192-unit family property in Orange City, Florida, for $24.6 million. Saxon Trace Apartments is located at 30 Saxon Trace Way in Orange City, Florida.
North End Village, Detroit, MI
Avanath Capital Management has also acquired North End Village, a 50-unit affordable apartment community in Detroit, Michigan, for $2.1 million. North End Village is located at 1000 Alger Street in Detroit, Michigan.
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| Cameron Court Apartments, Detroit, MI |
Cameron Court, Detroit, MI
Avanath Capital Management has also acquired Cameron Court, a 48-unit affordable seniors housing community in Detroit, Michigan for $1.34 million.
Built in 2008, the property is 100% occupied and consists of one three-story structure totaling 38,784 square feet. The unit mix includes 18 one-bedroom/one-bathroom units and 30 two-bedroom/one-bathroom units.
Cameron Court is located at 8600 Cameron Street in Detroit, Michigan, directly across the street from North End Village.
Contacts:
Lexi Astfalk/Katie Haga
(949) 438-6262
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