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| 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.
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| 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.”
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| 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