Avanath Strengthens East Coast Presence
The company is the new owner of two assets in Harlem, N.Y., and Temple Hills, Md. For a combined $36.3 million, Avanath purchased 202 affordable housing units.
Avanath Capital Management has acquired two affordable housing properties in New York and Maryland for a combined $36.3 million. The company expanded its East Coast portfolio by 202 units spread across Invincible Court in Harlem and Manor at Victoria Park in Temple Hills.
Located at 112 W. 138th St. in the central Harlem area of Manhattan, Invincible Court is near the Abyssinian Baptist Church. According to Yardi Matrix data, the asset was purchased as part of a 1031 tax-deferred exchange, in a joint venture with Oak Tree Residential. Friedman-Roth represented seller Coratolo & Carrieri Associates. The $19.3 million sale was subject to an $8 million loan held by First Republic Bank.
Invincible Court features 54 units in a mix of studios, one- and two-bedroom floorplans. The new owner intends to perform modernization works, which are slated to include renovations to apartment interiors, building improvements as well as converting the basement space into a laundry facility and adding storage units.
Convenient DC location
Manor at Victoria Park, a 148-unit senior housing community in a Washington, D.C., suburb, is the second property Avanath acquired. The company paid $17 million for the 2000-built asset situated at 3420 Rickey Ave., benefitting from an expansive transportation network. CBRE represented the seller in the deal, Harmony Housing. Amenities include a beauty salon, billiards room, computer lab, community room, fitness center, convenience store, walking trail, library, wellness clinic, theater and garden.
“The need for quality affordable housing impacts all demographics everywhere. 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.,” said Avanath Capital Management founder, chairman & CEO Daryl Carter, in a prepared statement.
Images courtesy of Avanath Capital Management