Avanath Buys Maryland Senior Community
- Mar 19, 2019
Greysteel has assisted Osprey Property Cos. in selling Victoria Park at Edgewater, a 102-unit senior community in Edgewater, Md., for $11.3 million. The property offers independent living for residents age 62 years and over. Greysteel has also procured the buyer, Avanath Capital Management.
The Anne Arundel County property is located at 87 Stewart Drive, 6.5 miles from Annapolis, at equal distance from Washington, D.C., and Baltimore. Built in 2006, Victoria Park at Edgewater consists of one- and two-bedroom apartments with an average size of 840 square feet. Amenities include a fitness center, business center, craft room and billiards room.
Greysteel President & CEO Ari Firoozabadi, Director Ari Azarbarzin and Senior Investment Associate Henry Mathies of the company’s Baltimore and Washington, D.C., offices arranged the transaction on behalf of the seller.
“The community was originally developed under the Low-Income Housing Tax Credit (LIHTC) program and placed in service in 2006. It provides the buyer with a stable income generating asset due to steady demand with a consistent occupancy of 100 percent,” said Mathies, in prepared remarks.
Last November, the same Greysteel team arranged the $31.2 million sale of a three-property, LIHTC age-restricted portfolio in Montgomery County, Md.
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