Apartment Owner Avanath Capital Managemnt Gifts 9,000+ Wellbeats Virtual Gym Memberships

Daryl J. Carter

IRVINE, CA — With many renters struggling due to the current pandemic, apartment owners are thinking outside the box. Avanath Capital Management, a private real estate firm that invests in affordable and workforce housing properties throughout the U.S. on behalf of institutional investors, has announced a special gift: in partnership with Wellbeats, the firm is offering free virtual gym memberships to its 9,000+ renters throughout the U.S.

This announcement comes on the heels of Avanath’s rent relief efforts – the company proactively gave all its residents a 10% discount on rent payments in April 2020.

“This pandemic has certainly altered the way we all live and work. However, the foundational element of our business remains the same: help residents live better lives,” says Daryl J. Carter, Founder and CEO of Avanath Capital Management.

“The April rent initiative alleviated some rental obligations and the launch of this new initiative gives our residents the opportunity to maintain their health and wellness while our on-site fitness amenities remain closed for safety.”

Avanath’s virtual gym membership gifts are aligned with the firm’s over-arching strategy to proactively invest in the health and wellness of its residents.

“As impact investors, we approach each investment holistically, with a focus on delivering the highest quality of life possible,” says Carter. “By integrating on-site wellness programs and community activities at no extra cost to renters, we are able to help residents access the services and amenities they need to live their best life.”

In 2019, Avanath launched Activate, a program that offers on-site health education classes and wellness services to senior housing residents. The firm also offers a wide array of on-site services in its family communities, including after-school programs, financial literacy courses, basketball clubs, and more.

“A focus on wellness is more important now than ever,” says Carter. “As we navigate this public health crisis, we are all reminded that our physical and mental health is a gift that must be nurtured. 

"The Avanath team is proud to have the opportunity to share these virtual memberships with our residents, fostering good health for many years to come.”

Avanath’s 9,000+ free virtual gym memberships  became available to residents on June 4 through Wellbeats virtual fitness.

CONTACT:

Lexi Astfalk

Brower Group

(949) 438-6262

LAstfalk@brower-group.com

www.avanath.com.

Avanath acquires two affordable communities totaling 578 units for nearly $100 million in Washington, DC and Orlando, FL

John Williams

Alexandria, VA and Orlando, FL — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has purchased two affordable apartment communities with a combined total of 578 units in Alexandria, Virginia – a city in the Washington D.C. Metro area – and Orlando, Florida.

 The assets were acquired for a combined total of $99.175 million, according to John Williams, President and CIO of Avanath Capital Management.

“Both the Washington D.C. Metro and Orlando markets align well with Avanath’s investment strategy of targeting markets with strong economic, job, and population growth where home affordability is becoming increasing more difficult and market-rate rents continue to rise,” says Williams. 

Daryl J. Carter

Alexandria Station Apartments in Alexandria, Virginia

Avanath Capital Management has acquired Alexandria Station, a 290-unit affordable apartment community in Alexandria, Virginia, for $52.675 million.

Built in 1965 and renovated in 1998 and 2010, Alexandria Station is a 97% occupied affordable family community comprising 25 three-story structures.

The property marks Avanath’s eighth investment in the D.C. Metro area, including Virginia and Maryland. 

Alexandria Station is located at 318 Whiting Street in Alexandria, VA.

Brooke Commons in Orlando, Florida:

University of Central Florida, main campus, Orlando, FL

Avanath Capital Management also purchased Brooke Commons, a 288-unit mixed income community in Orlando, Florida for $46.5 million.

Built in 2000, Brooke Commons is a 99% occupied family community comprising 36 two-story buildings. 5% of the units at the property serve residents that make 55% of AMI, 50% of the units serve residents who make 60% of AMI, and 45% of the units serve residents who make 60-80% of AMI.

            
The asset is located three miles from the University of Central Florida, one of the largest universities in the U.S., according to Williams.

Avanath now owns a total of five properties in the Orlando metro market totaling 1,352 units, including Academy at Waterford Lakes, which is approximately four miles from the property. Avanath owns a total of 10 properties totaling 1,605 units across Florida.

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

Contact:

Lisa James

Brower Group

(949) 438-6262

LJames@brower-group.com

www.avanath.com

Avanath Acquires Three Affordable Housing Properties Totaling 317 Units in Chicago and Maryland for $55 Million

   

John Williams

 Chicago, IL and Edgewater, MD — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has purchased three affordable housing communities with a combined total of 317 units in Chicago and Maryland.

The assets were acquired for a total of $55.05 million.

These acquisitions bring the company’s total holdings in Chicago to 1,063 units and its total holdings in the Washington DC metro area to 1,169 units, according to John Williams, President and CIO at Avanath Capital Management.

“We have been extremely active this year, rapidly expanding our AUM throughout many major markets across the nation,” says Williams.

“We target markets where there is tremendous pent-up economic growth, exceptionally strong job and population growth, and an increasing need for affordable housing. Both Chicago and the DC metro area meet these qualifications.”

Ben Finley

Williams explains that affordability is a major concern in many markets across America as home prices and rents continue to rise while wages remain stagnant.

“Our investment strategy is founded on preserving affordability for residents in some of the nation’s most cost burdened areas while simultaneously creating value for our investors,” he says.

“Through our proven asset management strategy, we will make capital improvements to these newly acquired properties that will enhance value for investors and keep rents low for residents.”

Avanath’s asset management strategy includes value engineering renovations, incorporating sustainable features, and improving operational efficiencies through its integrated property management and the firm’s niche focus on affordable housing.

Avanath purchased the following properties:

156-Unit Scotland Yard Apartments in Chicago

Avanath Capital Management has acquired Scotland Yard Apartments for $28.3 million.

Scotland Yard Apartments, a 156-unit transit-oriented, apartment community at  4215-4261 Broadway Street, Chicago, IL

 Located at 4215-4261 Broadway Street in the Buena Park residential neighborhood in the Belmont-Montrose-Uptown District of Downtown Chicago’s Northside, the development is a 156-unit transit-oriented, apartment community consisting of 18 studios, 125 one-bedrooms, and 13 two-bedrooms.

Built in two phases in 1915 and 1917, the property was completely renovated by the seller in 1982.

“Chicago’s northside is a very popular and affluent neighborhood that is known for its vintage condo buildings, tree-lined streets, and location near Lincoln Park, Wrigleyville and the Uptown Entertainment District,” says Ben Finley, National Head of Acquisitions at Avanath.

 “This was a rare opportunity to acquire a well-located asset in a neighborhood with an increasing need for affordability.”

59-Unit Renaissance North Apartments in Chicago

Avanath Capital Management also purchased Renaissance North, a 59-unit, mixed-income affordable housing community at 551 West. North Avenue in Chicago, for $15.45 million. The transaction represents Avanath’s first public-housing deal.

Renaissance North, a 59-unit, mixed-income affordable housing community at 551 West North Avenue, Chicago

            Constructed in 2003, the property features one-, two-, and three-bedroom units in addition to first floor retail space. One of the first developments built in conjunction with the Chicago Housing Authority, Renaissance North offers both market-rate and affordable units.

            “The apartment community is located between two neighborhoods with Lincoln Park to the north and Old Town to the south,” says Finley.

 “Both of these regions are experiencing meaning growth, which will continue to benefit the property.”

According to Finley, this acquisition is also a testament to the importance of public-private partnerships in preserving affordability in the region.

102-Unit Victoria Park at Edgewater in Maryland

Avanath has also acquired Victoria Park at Edgewater, a 102-unit affordable senior housing community at 87 Stewart Drive in Edgewater, Maryland for $11.3 million.

Victoria Park at Edgewater, a 102-unit affordable senior housing community at 87 Stewart Drive in Edgewater, MD

            Located in the sought-after Annapolis submarket, the apartment community is the only senior affordable community in the region, according to Finley.

            “The asset’s location in close proximity to major metros including Washington D.C. and Baltimore and the limited supply of affordable housing in the area will continue to drive long-term demand for the property,” explains Finley.

“In fact, the property is currently 100-percent occupied with a waiting list of more than 200 individuals.”

            The area’s current rising demand is proving out the firm’s investment strategy, Finley notes, adding that Avanath previously identified this region as an emerging market and currently owns six other properties throughout the D.C. metro region.

            

Contact:

Lexi Astfalk

Brower Group

(949) 438-6262

LAstfalk@brower-group.com

www.avanath.com.

Avanath Launches Proactive Health and Wellness Program at Two Maryland Active Adult Communities

  

Alicia Bramble Sr.

  

Upper Marlboro, MD and Temple Hills, MD (May 13, 2019) — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has launched Activate, a health and wellness program being rolled out at two senior communities: Vistas at Lake Largo in Upper Marlboro, Maryland, and Manor at Victoria Park in Temple Hills, Maryland.

Activate is a free on-site proactive program focused on increasing health awareness and education while promoting the health advantages of an active lifestyle.

Through Activate, Avanath is partnering with the University of Maryland Capital Region Health to offer vital health screenings such as, blood sugar testing, cholesterol and blood pressure.

From left  – Laura Richardson, Toni Harris, Camille Longino, Daryl Carter, Rick Villegas, Tonya Barnes, Alicia Bramble

 The program will also offer health education classes on such topics as cholesterol management, medication management, diabetes management, fall prevention and balancing, and establishing healthy eating habits.

In conjunction to the health services, the Activate program will also offer wellness services that will include a range of fitness and exercise classes, healthy cooking classes, and quarterly social events focused on encouraging resident interaction.

For the wellness programs, Avanath has partnered with Cor Community Development Corporation, which serves as a nonprofit managing general partner for Avanath properties in California and Washington State.

 As part of investing in its resident’s health and wellness, Avanath has converted previously unutilized community space into a state-of-the-art wellness facility that includes screening rooms complete with exam tables, medical supplies, medical exam equipment and other necessary components that allow providers to administer health exams.

Ada Arevalo

“These health services are invaluable to our residents’ overall well-being,” says Alicia Bramble, Sr. Asset Manager and Impact Investment Committee Vice-Chair.

“The response we have received from our residents and on-site teams has been very positive and we look forward to a successful program.”

“Wellness is a key component leading to healthy residents at Avanath’s active-adult communities,” says John Williams, President & CIO.

John R. Williams

“Seniors thrive in communities that offer holistic wellness programs like Activate. In addition to providing the physical activity that so many residents need and desire at these communities, Activate’s wellness programs will also enhance their state of mind and social relationships in their living environments by providing them with opportunities to engage with fellow residents.”

Williams notes that the health and wellness program provides tangible benefits to Avanath investors and its residents.

Daryl J. Carter

“Activate fulfills Avanath’s social-impact fiduciary duties, which is a significant factor to our company’s mission and that of many of our investors,” says Ada Arevalo, VP Fund Management and Impact Investing Committee Chair.

“The program also fulfills a commitment to our residents to promote their health, allowing them to remain in these communities longer and reducing their need to transfer to an assisted living facility.”

Avanath launched Activate at Manor at Victoria Park on May 2 and at Vistas at Lake Largo on May 8 with special events on-site that featured guest speakers and healthy refreshments.

Typical Avanath gym facility

The Vistas at Lake Largo event also revealed recently completed major improvements to the property, including renovations to its first floor that included the updated wellness facility retrofitted by University of Maryland Capital Region Health to meet ADA requirements. 

About Avanath Capital Management

Avanath Capital Management is a privately-held, vertically integrated investment firm managing real estate and real estate-related investments generating attractive risk-adjusted returns through current income and capital appreciation from its investments.

Typical Avanath Medical quarters

The firm is also a Registered Investment Adviser and provides property management services through Avanath Realty, Inc.

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

Avanath professionals have real estate operating expertise and long-standing relationships with strong local, regional and national sponsors that can access investment opportunities aligned with Avanath's initiatives.

More information is available at www.avanath.com.

Contact:

Lexi Astfalk

Brower Group

(949) 438-6262

LAstfalk@brower-group.com