Avanath Capital Management Acquires Three Affordable Housing Communities Totaling 290 Units in Orlando, Florida and Detroit Markets

 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.

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. 

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

Brower Group

(949) 438-6262

khaga@brower-group.com

www.avanath.com.

PEBB Enterprises Closes $12.87 Million Sale of Tesla Service Plus in West Palm Beach, FL

Ian Weiner

 WEST PALM BEACH, FL  -– PEBB Enterprises, the entrepreneurial private real estate investment firm, completed the $12.87 million sale of a new Tesla Service Plus location in West Palm Beach.

 The firm developed the West Palm Beach location for the pioneering electric vehicle company as part of a broader partnership that also includes sites in Minnesota, North Carolina and Pennsylvania.

Located on 3.62 acres at 5544 Okeechobee Blvd., the West Palm Beach Tesla Service Plus facility totals 23,240 square feet.

 Tesla is under a long-term lease at the property which provides for a wide trade area for both vehicle sales and service needs.

PEBB completely redeveloped the property to rebuild and expand the existing 1980’s structure, to modernize the site and bring it up to current code standards.

California-based Hanson West Palm Beach, LLC is the buyer. The transaction closed on Sept. 30. Putnam Daily of Preserve West Capital represented PEBB in the sale. The buyer was represented by Newmark Cornish & Carey.

PEBB originally purchased the project site for $5 million in July 2017.

The site was particularly attractive to Tesla because of its positioning within a heavily trafficked “Auto Row” adjacent to numerous luxury car dealerships, access to the Florida Turnpike and Interstate 95 as well as allowing for parking of 280 electric vehicles.

PEBB also recently opened a Tesla Service Plus in Raleigh, North Carolina. Located on 3.46 acres at 7101 Glenwood Ave., the new facility totals 38,745 square feet. It benefits from having access to a daytime population of more than 1.24 million within a 15-mile radius and is near other vehicle-related tenants, shopping centers and major retailers. 

The firm has also developed Tesla sites in Maplewood, Minnesota and Wexford, Pennsylvania.

PEBB continues to diversify its national portfolio of real estate assets, with a mix of retail, office, mixed-use and automotive investments and developments.  

“It has been exciting for our firm to cultivate a relationship with Tesla and be able to expand it with these projects,” PEBB Enterprises President and CEO Ian Weiner said

“This partnership underscores the entrepreneurial nature of our firm, as we are always looking for new opportunities to diversify our nationwide real estate portfolio.  We look forward to future opportunities to collaborate with the company.”

  CONTACT:

Eric Kalis

954-370-8999

ekalis@boardroompr.com

https://pebbenterprises.com/

 

Passco Continues Acquisitions Activity with Addition of 200-Unit Multifamily Community in Supply-Constrained Northern Virginia Submarket

 

 

Christine Espenshade

WOODBRIDGE, VA  — Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has acquired The Preserve at Catons Crossing, a 200-unit, mid-rise apartment community in the Northern Virginia submarket of Woodbridge, Virginia.

 

Gary Goodman

The acquisition comes on the heels of the firm’s purchase of One Hampton Lake, a 330-unit multifamily community in South Carolina, earlier this month.

 Passco was attracted to The Preserve at Catons Crossing based on the asset’s strong track record and location in a submarket that has no multifamily development in the pipeline, despite several demand drivers and strong positioning for further growth, according to Gary Goodman, the firm’s Senior Vice President of Acquisitions.  

 “This opportunity to acquire this solid core asset in a stabilized, supply-constrained market is perfectly aligned with our multifamily investment strategy,” says Goodman. “With no competing properties under construction nor in lease-up, we anticipate healthy, sustained resident demand.”  

The Preserve at Catons Crossing, a 200-unit, mid-rise apartment community in the Northern Virginia submarket of Woodbridge, VA

 The Preserve at Catons Crossing is located at 2760 Green Ash Loop in Woodbridge, Virginia. Christine Espenshade and Robert Garrish of Newmark Knight Frank represented both the seller and the buyer in this transaction. 

 Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.  

Goodman explains that the asset, which has maintained an occupancy rate of 95% and higher throughout the pandemic, will benefit from a diverse and growing job market.   

Robert Garrish

“The Preserve is located immediately adjacent to a state-of-the-art, 240,000 square-foot Kaiser Permanente medical center currently under development, which will provide a solid resident base,” says Goodman, who notes that the facility, planned to be completed next year, is anticipated to support approximately 450 employees.

 “Further, the apartment community is within a 30-minute commute of Amazon’s HQ2 development in National Landing, which will not only bring thousands of jobs to the region over the next several years, but is expected to be a boon for the greater Northern Virginia and Washington, D.C. metropolitan area, driving up demand for apartments throughout the region.”  

 The property is also within commuting distance of several other employment hubs, including D.C., Old Town Alexandria, Quantico, Fort Belvoir, The Pentagon, and Springfield, which is home to the Transportation Security Administration’s new headquarters.  

 

Chris Black

Goodman also points to the exceptional retail and lifestyle amenities The Preserve’s location offers as a compelling draw for potential residents:

  “The apartment community is ideally located west of Interstate 95, in very close proximity to two of the most popular retail destinations in Prince William County, Potomac Mills and Stonebridge at Potomac Town Center, as well as several other neighborhood centers and dining and shopping options.”  

 Goodman also notes that the asset, which was originally constructed in 2010, was well maintained under previous institutional ownership, further driving its tremendous upside potential and presenting relatively low risk.  

 “We were able to secure this like-new property based in part on a long-term relationship with the seller,” continues Goodman. “While this is Passco’s first purchase from Fairfield Residential, our teams are well acquainted, going back 30 years. It has been a delight to work together on this transaction.”  

  CONTACTS:

 

Micaela Fehrenbach / Elisabeth Manville  

Brower Group  

(949) 438-6262  

mfehrenbach@brower-group.com