Sunday, June 26, 2022

Avanath Capital Pays $11 Million for 44-unit Yorba Linda Palms Apartments in Yorba Linda, CA

Daryl J. Carter

 YORBA LINDA, CA –- Avanath Capital Management, LLC, a multifamily owner and operator that focuses on market rate and affordable housing, announces its recent acquisition of Yorba Linda Palms (“The Palms”), a 44-unit family-oriented multifamily community located at 18542 Yorba Linda Boulevard in Yorba Linda, CA for $11.1 million in an off-market transaction.

According to Daryl Carter, Founder, Chairman and CEO at Avanath, The Palms serves qualifying residents at 30-50% of AMI, delivering much-needed affordable housing for low and middle-income families in an area of Orange County where market-rate rents are high, and demand is strong.

“This acquisition aligns with our strategy of investing in affordable housing in underserved markets throughout the country, where finding budget-friendly housing is challenging to many families,” says Carter.

John R. Williams

 “Known for its historic charm, Yorba Linda is considered one of the most affluent cities in Orange County, which boasts the 6th highest area median income (AMI) in California and the highest AMI in Southern California at $119,000.”

The Palms marks Avanath’s fifth purchase in Southern California and its fourth in Orange County within the last 12 months.

The firm recently acquired St. John’s Manor, a 36-unit affordable senior housing community in Costa Mesa; The Overlook at Anaheim Hills, a 261-unit senior housing community in Anaheim; and The Grove Senior, an 85-unit senior housing community in Garden Grove.

Yorba Linda Palms apartments, Yorba Linda, CA

Avanath now has 2,267 units under management in Southern California, which provides the company with economies of scale in the region, according to John R. Williams, President and CIO at Avanath Capital Management.

“By leveraging broker relationships and practicing proactive communication with owners and developers, we were able to acquire an off-market asset in an area where the affordable housing supply is limited and there is a significant barrier to entry for both developers and would-be homeowners,” adds Williams.

“Social programs are a key element of our strategy to help residents of our communities to continually strive for a higher quality of life,” says Williams. 

“These programs, implemented in partnership with notable organizations like COR, provide residents with assistance in improving their lives in a multitude of ways.”

The Palms consists of five two-story garden style residential buildings featuring eight two-bedroom units, 36 three-bedroom units, a single-story office, and a clubhouse and resident center. 

Founded by Daryl J. Carter, the Avanath management team averages 25 years of experience and has successfully guided investment funds in defining growth opportunities.

CONTACTS:

Madison Bridges / Lexi Astfalk

The Smart Agency

949-438-6262

mbridges@thesmartagency.com

www.avanath.com.

 

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