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| Tatiana Gutierrez |
Boston, MA — Avanath
Capital Management, a private real estate firm that invests
in affordable and workforce housing properties throughout the U.S., has
announced the acquisition of Morton Village, a 207-unit workforce
housing community in Mattapan, Massachusetts, from an affiliate of Mirak
Properties.
The acquisition
represents Avanath’s first purchase in the Boston market, according to Daryl
Carter, Founder and CEO of Avanath Capital Management.
 |
Ruth H. Silman
|
“As a leading
investor in workforce housing communities in key markets throughout the nation,
Avanath has deep expertise in identifying opportunities to own and operate
attractive and budget-friendly workforce housing in markets with a demonstrated
need for those assets,” says Carter.
“Boston, which is one of the nation’s top tech and life sciences hubs, aligns well with our strategy of investing in regions with
strong job and population growth and in locations that are in close proximity
to employment and transportation centers, where there are barriers to
developing new supply.
 |
| Daryl J. Carter |
"We are
thrilled to make our debut in the Boston market and to add Morton Village to
our existing portfolio of more than 10,000 units across the country.”
Carter adds that Morton Village
also aligns with Avanath’s strategy of preserving affordability by acquiring,
improving, and operating affordable and workforce apartment properties across
the nation.
 |
| Ali Walendziak |
As part of the
purchase, Avanath Capital Management worked closely with the City of Boston to
ensure that Morton Village Apartments will remain affordable to residents.
 |
Morton Village, a 207-unit workforce housing community in Mattapan, MA (Image courtesy of CoStar Group, Inc.) |
“Guaranteeing long-term affordability for these homes is critically
important for families and represents Boston’s steadfast commitment to prevent
displacement,” said Mayor Marty Walsh.
“I am pleased that Avanath Capital Management was able to
work with the residents and the City of Boston to ensure Morton Village remains
their home without fear of being priced out.
 |
Boston Mayor Marty Walsh
|
"We will continue to work hard so tenants are not
harmed in the process when there are administration changes in rental
properties.”
Built in 1965 by the seller, Morton Village comprises four
separate four-story elevatored buildings strategically located adjacent to the
Morton Street MBTA commuter rail station and two miles away from exits 11 and
12 on Interstate 93, offering easy access to numerous employment centers. The
community features floorplans averaging 920 square feet.
The Mirak family self-managed the property for more than 50 years before
the recent sale to Avanath.
“When we built Morton Village, we voluntarily offered rents to residents
at levels well below market rate,” says a representative of the seller’s
family.
 |
Simon Butler
|
“When we decided to
sell the property, our goal was to find a buyer that would share the same
values and continue to operate Morton Village as budget-friendly housing.
"We
feel confident in this sale, knowing that Avanath will keep these apartment
homes affordable for residents of this community.”
Simon Butler, Biria St. John, and John McLaughlin of CBRE represented
the seller in the sales transaction.
“We are pleased that we were able to help the seller achieve their goal by
procuring Avanath, who had additional support from the City of Boston,” says
Butler.
“While this sale
marks the conclusion of the Miraks’ long-term ownership of the community,
through Avanath’s commitment, the affordability of these apartment homes will
be preserved well into the future.”
Attorneys Tatiana Gutierrez,
Jeffrey Sacks, Ruth Silman and Ali Walendziak of law firm Nixon Peabody
represented Avanath as legal counsel in the purchase of Morton Village
Apartments, including negotiations on the unique grant and affordability
provisions with the City of Boston, special rent protections for existing
residents and the financing with CBRE Capital and FannieMae.
 |
Biria St. John
|
“We were very pleased to work with Avanath in
the acquisition of Morton Village, bringing a new high-quality affordable
housing owner to the Boston market,” says
Jeffrey W. Sacks, who led the
Nixon Peabody team.
The purchase of Morton Village comes on the heels of Avanath’s acquisition
of four affordable housing communities totaling 440 units in the Orlando, FL,
Detroit, MI, Sterling, VA markets.
These assets include Saxon Trace Apartments, a 192-unit
family property in Orange City, Florida; North End Village, a 50-unit
affordable apartment community in Detroit, Michigan; Cameron Court, a
48-unit affordable seniors housing community in Detroit, Michigan; and Cascade
Village, a 150-unit affordable housing community in Sterling, Virginia.
 |
Jeffrey W. Sacks
|
Morton Village is located at 65 Morton Village Drive in Boston,
Massachusetts.
About Avanath Capital
Management
Avanath Capital Management
is a privately-held, vertically integrated investment firm managing real
estate and real estate-related investments generating risk-adjusted returns
through current income and capital appreciation from its investments.
The firm is also a
Registered Investment Adviser and provides property management services through
Avanath Realty, Inc.
 |
John McLaughlin
|
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 past returns that have performed on par with or surpassed returns in
comparison to relative
benchmark(s).
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a
Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services and investment firm (based on
2018 revenue).
The company has more than 90,000 employees (excluding
affiliates) and serves real estate investors and occupiers through more than
480 offices (excluding affiliates) worldwide.
CONTACT:
Lexi Astfalk
Brower Group
(949) 438-6262
lastfalk@brower-group.com
www.avanath.com.
www.cbre.com
