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| The Lodge at Peasley Canyon, Seattle, WA |
SEATTLE, WA -– Avanath
Capital Management, an institutional fund manager that invests in affordable
and workforce housing, has acquired two workforce housing assets including The Lodge at Peasley Canyon, a 339-unit
property in Seattle, Washington, and Harbor
Pointe, a 34-unit property in Ft Lauderdale, Florida, for a total of $84.8
million.
Avanath purchased Harbour Pointe with joint-venture partner Oak Tree
Residential.
“Each of these assets
presents an opportunity to leverage market growth while also preserving
much-needed workforce housing in cities that have experienced some of the
highest rent increases in the nation,” says John Williams, President and Chief Investment Officer of Avanath.
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| John Williams |
A recent Axiometrics
report ranked Seattle as the third highest market for annual effective rent
growth in the United States, while a local news report cites continued
year-over-year rent increases in Broward County, Florida.
“Amidst this rent growth,
there is a severe shortage of quality workforce housing that caters to
middle-income families in major urban cores throughout the nation,” continues
Williams.
“Our investment strategy is to capitalize on this underserved market
sector by acquiring and repositioning well-located workforce housing assets in
high-rent markets in order to generate attractive risk-adjusted returns, while
also providing workers with high-quality housing they can afford.”
Since 2008, Avanath has
acquired and managed more than 41 affordable and workforce housing properties totaling
over 7,000 units across the nation, targeting assets near major employment hubs
in supply-constrained markets.
The two workforce housing
investments recently acquired by Avanath include:
The Lodge at Peasley
Canyon
Avanath acquired The Lodge
at Peasley Canyon, a 339-unit workforce housing community in Seattle, for $73.3
million.
“Seattle has recently
emerged as one of the fastest-growing metros in the nation, making this a
highly attractive market for multifamily investors,” says Williams. “The region
is quickly gaining ascendancy as one of the premier tech hubs in the Pacific
Northwest, with a demographic profile and rent growth similar to that of the
Bay Area. Situated in this thriving tech corridor,
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Haarbor Pointe. 2201 Southeast 18th Street
Fort Lauderdale, FL |
“The Lodge at Peasley
Canyon is uniquely positioned to cater to middle-income tech support workers
that are unable to afford new luxury apartments or other expensive options.”
Williams notes that
Seattle is home to Fortune 500 companies such as Amazon, Starbucks, Microsoft,
and Nordstrom, which has fueled a luxury apartment construction boom in recent
years.
Harbor Pointe
Avanath and Oak Tree
Residential have acquired Harbor Pointe, a 34-unit workforce housing community
in Fort Lauderdale, Florida, for a total consideration of $11.5 million.
“Harbor Pointe is an
extremely well-appointed community that is also one of the most affordable
apartment complexes on the ocean side of Fort Lauderdale. The property is
well-positioned to attract workers in the hospitality and cruise industries,”
says Williams, who notes that tourism is the market’s second largest industry,
employing more than 180,000 people throughout the county.
For a
complete copy of the company’s news release, please contact:
Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
