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| 54-Unit Invincible Court, Harlem, NY |
HARLEM,
NY and TEMPLE HILLS, MD — Avanath Capital Management, LLC, a private real
estate investment manager and Registered Investment Adviser, has expanded its
East Coast portfolio, acquiring two affordable properties in New York and
Maryland for a combined total of $36.25 million.
The
properties include Invincible Court, a 54-unit affordable family
community in Harlem, New York, and Manor at Victoria Park, a 148-unit
senior affordable community in Temple Hills, Maryland.
“The need for quality affordable housing impacts all
demographics everywhere,” says Daryl Carter, Founder, Chairman and CEO
of Avanath Capital Management.
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| Abyssinian Baptist Church, Harlem, NY is the third oldest African American church in the U.S. |
“Whether a
millennial priced out of a city’s urban core or a baby boomer retiring,
downsizing and living on a fixed income, this demand continues to grow across
the U.S.”
In fact, all of the
baby boomer generation will be 65 and older by 2030, meaning that over the next
several years there will be an influx of renters looking for affordable senior
properties. There will also be growing demand from younger generations as the
wage gap continues to widen and rents continue to rise.
“By acquiring these two assets, we will be able to
capture both ends of the market, providing affordable options to renters who
need it most while also delivering risk-adjusted returns to our investors,”
says Carter.
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| 148-Unit Manor at Victoria Park Apartments, 3420 Rickey Avenue, Temple Hills, MD |
These
two acquisitions include:
54-unit Affordable Housing Community in Harlem, NY
Avanath has acquired Invincible Court, a 54-unit affordable family
apartment community in Harlem, New York, for $19.25 million.
The property was acquired in JV partnership with Oak Tree
Residential.
The apartment community is located in the Central Harlem area of Manhattan
near the Abyssinian Baptist Church, which is the third oldest African
American church in the U.S. and one of the cornerstones of the Harlem
Renaissance cultural movement in the 1920s, according to Carter.
“As a student of African American history, it is particularly meaningful
to me that Invincible Court is located a few doors away from the Abyssinian
Baptist Church,” says Carter.
“This was a unique
opportunity to acquire an asset in a neighborhood with such historical
significance, and one that has undergone tremendous growth over the last
several years.”
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| Rendering of Columbia University Campus Extension, 125th Street and Broadway, Manhattan, NY |
“The new campus extension is planned to bring hundreds of jobs and new
residents to the region, driving long-term demand for the property,” explains
Carter.
Avanath plans to implement a series of renovations to the property, which
will include renovations to the interior units, building improvements,
transforming the basement space into a laundry facility, and adding storage
lockers.
“Two of
the top in-demand amenities for residents at the property are laundry and
storage space,” says Carter. “By transforming the unused basement into a
laundry and storage facility, we will be able to enhance the quality of life
for residents, increase occupancy, and reduce turnover at the property.”
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| Daryl Carter |
Invincible Court is located at 112 West 138th Street in
Harlem, New York. The apartment features studios, one- and two-bedroom
floorplans. Friedman-Roth represented the seller, 138th Street
Properties, LLC.
148-unit Senior Affordable Housing Community in Temple Hills, MD
Avanath has acquired Manor at Victoria Park, a 148-unit senior affordable
community in Temple Hills, Maryland, for $17 million.
Located in a suburb of Washington D.C., the property will
benefit from its close proximity to downtown D.C., an expansive transportation
network, and a growing population of seniors.
“Seniors are increasingly moving out of deeper suburban
areas and into suburbs directly outside urban cores, or within 5 to 10 miles of
a city center,” explains John Williams, President and CIO of Avanath.
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| John R. Williams |
The property will also benefit from Avanath’s existing
presence in the region. Avanath currently owns five other properties in the
surrounding areas.
“Because we already have a presence in the area, we will be able to
immediately share resources, and drive down operating costs at the property
through economies of scale,” says Williams. “This will directly translate to
the bottom line for our investors.”
The apartment community features a host of amenities
including a beauty salon, billiards room, computer lab, community room, fitness
center, convenience store, a walking trail, library, wellness clinic, theater,
and community garden.
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| 125th Street, Harlem, NY |
"These programs and services also result in higher occupancies and less turnover, which creates opportunities for us to consistently maximize returns to investors.”
CONTACTS
Lexi Astfalk / Jenn Quader
(949) 955-7940
