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| City View, located at 595 Church Street off Downtown Orlando, FL, comprises 266 multifamily units and 24,865 SF of retail space |
City View is a unique property that comprises
266 multifamily units and 24,865 square feet of retail space, according to Daryl
Carter, Founder, Chairman, and CEO of Avanath.
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| Daryl Carter |
The firm acquired the property through a combination of its commingled fund equity and financing from JPMorgan Chase and Fannie Mae.
“This acquisition presents a rare opportunity to
add a quality asset to our portfolio in a flourishing market, where Avanath is
well positioned to create value and contribute to the local community,” says
Carter.
“With this investment, we will preserve
much-needed affordable housing while elevating the quality of resident living
spaces and common areas, as well as improving the retail spaces to serve the
needs and interests of the growing Downtown Orlando market.”
In alignment with Avanath’s mission to acquire, own, renovate, and operate affordable and value-oriented communities, 131 of 266 units are designated affordable, with the property’s rent restrictions continuing until 2050.
The firm has taken steps to preserve the current
designations of 28 units at 50% of area median income (AMI), 79 units at 60% of
AMI, and 24 units at 120% of AMI, adds Carter.
“Ensuring access to quality affordable housing
in this market is essential, especially as Downtown Orlando’s median rents have
increased 19.3% over the past year,” continues Carter.
“In collaboration with Fannie Mae, we are proud
to support Avanath with the acquisition of City View to preserve 266
multifamily units of affordable housing and their plans to enhance the local
community offerings,” said Vince Toye, Head of Community Development
Banking and Agency Lending for JPMorgan Chase.
“Working
with Avanath, this is a great example of how we can help address critical
housing needs to stabilize and strengthen our communities across the US.”
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| Vincent (Vince) Toye |
The acquisition of City View brings Avanath’s current Greater Orlando portfolio to six properties totaling more than 1,500 units, at a key time when growth trends in the region continue.
Between
April 2021 and March 2022, renters absorbed over 16,000 units and is expected
to outpace most major metros in job growth in 2022, according to Marcus & Millichap.
John R. Williams,
President and CIO of Avanath, says: “We’ve seen some of our highest property
performance in Greater Orlando in recent years.
"Our
team identified the opportunity to create additional scale and efficiency
through building our portfolio in this region as it continues on a strong
growth trajectory.”
Avanath plans to complete interior renovations
of the market-rate units to bring finishes and rents in-line with those of
market competitors.
These will include new and modern aesthetics
with the addition of plank flooring, quartz countertops, updated paint, new
fixtures, and updated appliances.
Additionally, the firm will upgrade City View’s
common areas and retails spaces and replace the roof, HVAC, and boiler, given
the property’s current age of fifteen years.
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| John R. Williams |
“Through these improvements, we can generate additional revenue that will create sustained opportunity to provide top-quality housing at both market rate and affordable rents,” explains Williams.
He notes that Avanath will also improve on-site operations through enhanced resident services and community management.
CONTACTS:
Brooke Belt/Elisabeth Manville
The Smart Agency
949.438.6262
