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| Jun Sakumoto |
IRVINE, CA — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has launched a new entity focused on new multifamily development opportunities.
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| John R. Williams |
The entity will initially be called Avanath Development, LLC and will be led by Jun Sakumoto, who has been promoted from Avanath’s Chief Operating Officer to President of the newly formed entity.
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| Daryl J. Carter |
Avanath Development, LLC’s initial focus will be on four multifamily development projects, three that exist within the firm’s portfolio and a new development in Detroit. The projects currently existing in Avanath’s portfolio that will launch the new entity include Arbors at Cary in Cary, NC; Woodside in Ontario, CA; and Ravenna in Orlando, FL.
“There is a great need for the development of affordable, workforce and value-oriented apartment communities in markets throughout the country,” says Daryl J. Carter, Founder, Chairman and CEO of Avanath Capital Management. “Now is the right time for us to introduce our own division that is devoted to meeting that need.”
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| Camille Longino |
Multifamily development projects led by Avanath Development, LLC will be capitalized by investors seeking development projects in Opportunity Zones. The tax legislation surrounding this new federal initiative benefits investors, developers, and the communities in which the Opportunity Zone development takes place.
“The recent Opportunity Zone legislation will fuel capital flows into the affordable-housing investment sector,” says Carter. “Avanath has been a leading investor in this sector, serving many markets that are in Opportunity Zones.
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| Wes Wilson |
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| Caren Nims |
"So, it is consistent with Avanath’s mission and capabilities to create a strategy for Opportunity Zone investors.”
One of those strategies is a venture Avanath is pursuing with a nationally renowned tax-oriented investment firm to launch an Opportunity Zone fund. While the initial capitalization of this fund will be $200 million, Carter believes the fund has the potential to evolve into a $1 billion enterprise over the next five years.
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| Ronald R. Juskiewicz |
Additional Organizational Changes Within Avanath Represent Significant Growth
Jun Sakumoto’s promotion to President of Avanath Development, LLC is reflective of a strategic organizational realignment within the company to match its recent growth and expected expansion.
“The historic and projected growth of Avanath requires the realignment and expansion of our leadership team,” says Carter. “Jun has a strong track record in building new enterprises.
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| Ada Arevalo |
"At Capri Capital, Jun built our Capri/CalPERS Urban Multifamily platform, and as a founding partner of Avanath, Jun was a key architect in the development of the Avanath Affordable Housing fund series.”
Sakumoto will remain a partner in Avanath and its subsidiaries and will continue to serve on the Avanath Investment Committee.
Along with Sakumoto’s promotion, Avanath has instituted additional organizational changes within the company that represent the firm’s remarkable growth over the past five years. Effective immediately, those changes include:
Along with Sakumoto’s promotion, Avanath has instituted additional organizational changes within the company that represent the firm’s remarkable growth over the past five years. Effective immediately, those changes include:
- Malachi McKinney, currently Vice President, Asset Management, will transition from Asset Management to Avanath Development, LLC. McKinney’s strong analytical skills, legal background, and investment banking background will be beneficial in the formation of this new entity.
- Camille Longino, currently Chief Financial Officer, will be promoted to Chief Operating Officer. Longino has successfully built out Avanath’s Accounting/Finance team.
- As COO, she will have Property Management, Asset Management, Capital Improvements, Compliance and Corporate Services reporting to her.
- Longino will also continue to be a member of the Avanath Investment Committee. In addition, Longino was recently selected as one of Real Estate Forum’s “Women’s of Influence,” which highlights her role as a leading woman in the industry who continually strives to improve and contribute to Avanath’s prominence in the affordable sector.
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| Ben Finley |
- Wes Wilson, currently Vice President, Accounting, will be promoted to Senior Vice President and Chief Financial Officer, overseeing Avanath’s accounting, corporate finance, budgeting, and enterprise software areas.
- Wilson will also become a voting member of the Avanath Investment Committee. He has supported Longino in building out the firm’s first-class accounting organization and recently completed his MBA at Pepperdine.
- Beverly Quinn, Assistant Controller, will be promoted to Property Controller, overseeing all property-level accounting.
- Jake Drexl, Senior Fund Accountant, will be promoted to Fund Controller, overseeing Avanath’s Fund Accounting team.
- Caren Nims, Project Coordinator, will be promoted to Project Manager.
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| Malachi E. McKinney |
- Pat Gaudin has been hired as SVP of Human Resources. Gaudin has a strong résumé in this area, including a decade of experience as SVP of Human Resources for such Southern California firms as Tectrans/Keolis, Lineage Logistics, and ISI – Interior Logic Group.
- Avanath’s Human Resources area will now report to Ron Juskiewicz, Vice Chairman and Chief Compliance Officer. The reporting realignment is consistent with a best practice of maintaining independence of HR outside the key operating functions.
Longino and Wilson will both report to John Williams, President and CIO, along with Ben Finley, Senior Vice President of Acquisitions, and Ada Arevalo, Vice President of Fund Management. Williams, Sakumoto, and Juskiewicz will continue to report to Carter and work closely with him and other senior leaders in leading Avanath through its next phase of evolution.
Contact:
Lexi Astfalk
(949) 955-7940
