Avanath Buys 3 Affordable Communities in NJ, MD
Through its Affordable Housing III fund, the company bought two properties in Upper Marlboro, Md., and one in Wharton, N.J., with plans to upgrade the assets.
Avanath Capital Management LLC has bought three multifamily properties comprising 311 units through its newest affordable housing fund, Affordable Housing III fund, for $38 million.
In Maryland, the company purchased the 100-unit Largo Center for $14.3 million and the 110-unit senior housing community Vistas at Lake Largo for $15 million. Both properties are equipped with competitive amenities.
Located at 520 Largo Center Drive in Upper Marlboro, Md., Largo Center offers a swimming pool, community clubhouse and in-unit washer and dryers, while Vistas at Lake Largo—located at 500 Harry S. Truman Drive in Marlboro, Md.—offers a theater, courtyard, community room and laundry facilities. The new owner also plans to upgrade the clubhouses and the fitness centers, fitting the communities with keyless entries and LED lighting.
Avanath Capital also acquired Centennial Court, a 101-unit senior living community in Wharton, N.J., for $8.7 million. Built in 1997 under the Section 42 Low-Income Housing Tax Credit program, the four-story building located at 100 North Main, features two common-room areas, an outside area patio and a free shuttle service program. According to the company, the property is currently 98 percent occupied. Interstate-90 is easily accessible from the property. Walmart, Target, CVS Pharmacy and Nordstrom Rack are also located nearby.
“While much of the multifamily market still caters to luxury housing, targeting annual incomes of $100,000 plus, the average American’s annual income is between $35,000 to $80,000. This presents a deficit of affordable housing options for the largest group of renters in the United States,” said John Williams, president & CIO of Avanath, in a prepared statement. “Our focus is to invest in markets with a need for affordable housing to fill this deficit, ultimately serving the needs of the largest cohort of renters in our nation.”
Image courtesy of Avanath Capital Management