Monday, August 8, 2022

Avanath Capital Management acquires six-property multifamily portfolio in Sacramento, CA area

 Daryl J. Carter
  

 SACRAMENTO, CA – Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, announces it has acquired in an off-market transaction, six affordable family and senior multifamily communities in the Sacramento, California, metropolitan area with an investment value of more than $181.6 million.

The acquisition expands Avanath’s presence in the Northern California market, a region where accessibility to affordable housing has become increasingly challenging, according to Daryl Carter, Founder, Chairman, and CEO of Avanath.

John R. Williams

“Preserving affordability in markets where rental rates are historically high is the essence of our firm’s mission,” says Carter.

“As the Northern California region is a hub for technology and other high-paying industries, market-rate apartments have been driven out of reach for many lower-income families and seniors.

"Our goal is to provide housing that these renters can afford, particularly as inflation continues to rise.”

Whitney Ranch Apartments, Sacramento, CA

Acquiring this portfolio greatly deepens Avanath’s affordable investment and property management footprint in the Sacramento market, an area that has been hit especially hard with rent increases, notes John R. Williams, President and CIO at Avanath Capital Management.

“As we expand affordable housing options in cities where demand is robust and supply is lacking, we view Sacramento as an ideal investment target,” says Williams.

“The average rental rate in Sacramento has increased by 12% over the past year, and the gap between market-rate and affordable rents in the area has widened considerably, increasing the potential for ongoing renter demand for high-quality budget-friendly apartments in this market.”

Contacts:

Arleeny Escarcega / Lexi Astfalk

The Smart Agency

949-438-6262

aescarcega@thesmartagency.com

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