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| Daryl J. Carter |
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.
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| 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.
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| 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
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