Avanath Acquires Orlando Property for $63M
Noting the big jump in local rents, the investor plans to keep the 266-unit property affordable.
Private real estate investment firm Avanath Capital Management has acquired mixed-use, mixed-income City View in Orlando, Fla. The distinctive, 266-unit property, which features 24,865 square feet of retail space, changed hands for $62.5 million. Marcus & Millichap Affordable Housing Advisors marketed the transaction.
Situated at 595 Church St. in Orlando, City View offers a blend of one- and two-bedroom apartments. Features and finishes of the residences include 9-foot ceilings, ceiling fans in bedrooms and living rooms, in-unit laundries and, in most homes a computer alcove. A pair of resident lounges top the list of City View’s common-area amenities.
Consistent with Avanath’s philosophy of acquiring, owning, renovating and operating affordable communities, 131 of the 266 units are designated affordable.
The rent restrictions will remain in place for almost a quarter-century, until 2050. Avanath intends to preserve current designations of 28 units at 50 percent of area median income, 79 units at 60 percent of AMI and 24 units at 120 percent of AMI.
A baker’s dozen storefronts fill City View’s retail space. Those storefronts are home to boutique, retail, restaurant, deli and financial education businesses and the Orlando Police Department. Demand for the retail spaces is also being experienced from entrepreneurial ventures, Black-owned businesses, boutiques and regional companies.
City View residents will find downtown dining, shopping and nightlife within easy walking distance. Favorites of residents include the home of NBA’s Orlando Magic, Amway Center, and Exploria Stadium, home of Orlando Pride soccer, both a half-block away.
The Parramore District, the Orlando enclave in which City View is located, was a thriving Black community filled with successful business enterprises in the early 20th Century and remains historically and culturally relevant today. Last month, an Avanath joint venture acquired Baldwin Village, a Los Angeles workforce housing community.