Avanath Buys 288-Unit Orlando Community
- Aug 14, 2019
Avanath Capital Management has acquired Brooke Commons Apartments, a 288-unit partially affordable community in Orlando, Fla. According to Yardi Matrix data, the seller was CED Capital Holdings. A Walker & Dunlop team led by Managing Director John Gilmore secured $27.9 million in Freddie Mac acquisition financing.
Situated at 10237 Eastern Lake Ave., 12 miles northeast of downtown Orlando, the property is near Central Florida GreeneWay and within walking distance of a Publix-anchored shopping center. Residents have easy access to employment centers such as the University of Central Florida, Quadrangle Business Park, the AdventHealth East Orlando hospital and Central Florida Research Park.
Completed in 2000, the Class B community consists of 38 two-story buildings across 21.6 acres. The unit mix includes one- to four-bedroom apartments, floorplans ranging from 780 to 1,325 square feet. Common-area amenities include a fitness center, volleyball court, clubhouse and swimming pool. The property was 99 percent occupied as of June, according to Yardi Matrix.
Brooke Commons Apartments is subject to a Land Use Restrictive Agreement, requiring that the owner rent half of the units to residents making 60 percent or less than the area’s median income. Five percent of the units are set aside for residents with household incomes of 55 percent or less than AMI.
This property is the first acquisition within Avanath’s fourth affordable housing fund. According to Gilmore, the nationwide demand for affordable housing continues to grow since incomes are not keeping up with rent increases and the supply remains limited.
In April, Avanath acquired a 280-unit affordable property located 4 miles south of downtown Austin, Texas. The asset traded for a little more than $35 million.