14C — December 18 - January 14, 2020 — Industry Leaders — Owners, Developers & Managers — M id A tlantic Real Estate Journal


Industry Leaders

Community in San Jose reps. firm’s f1st acquisition in the region Avanath acquires two affordable housing communities

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TERLING, VA AND SAN JOSE, CA — Ava- nath Capital Manage- ment announced the acqui- sition of a senior affordable housing community located in Sterling, VA and a historic affordable family community in San Jose, CA, comprising 209 units in total. The proper- ties were purchased for $44.65 million. The acquisitions represent the firm’s continued expansion into newmarkets as well as its ability to realize economies of scale in markets where it cur- rently owns assets, according to John Williams , president and CIO of Avanath Capital Management. Avanath has purchased the following properties: Avanath Capital Manage- ment has acquired Cascades Village, a 150-unit senior af- fordable housing community in Sterling, VA, for $27.15 million. In addition to Cascades Vil- lage and Acclaim at Sterling, Avanath also owns two other properties in Virginia: Ac- claim at Ashburn in Ashburn and Alexandria Station in Al- exandria. The firm now owns a combined total of 673 units in Virginia. Built in 2001, Cascades

Cascades Village in Sterling, Virginia

Village is a three-story apart- ment community that is re- stricted to residents ages 55 and older and is 98.7% occupied. Avanath Capital Manage- ment has also acquired Vin- tage Tower, a 59-unit historic affordable housing community in San Jose, California, for $17.5 million. The San Jose MSA has undergone significant growth over the last several years, which has placed upwards pressure on housing prices and home affordability. “There is a demonstrated need for properties that provide important affordable housing to qualifying residents in the

San Jose market,” says Wil- liams. “While Vintage Tower is Avanath’s 13th acquisition in Northern California, it is our first acquisition in San Jose. This community presents an opportunity to acquire a historical, high-rise apartment building that provides housing to low-income families in one of the most expensive markets in the country and the poten- tial for strong returns for our investors.” Built in 1928 in the heart of Downtown San Jose and renovated in 1987 and 2004, Vintage Tower is a fully oc- cupied 12-story mid-rise build- ing with an average of 559 s/f per unit. MAREJ

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