O wners , D evelopers & M anagers
Real Estate Journal — Section B
M id A tlantic
New Jersey property is the firm’s second acquisition in the area this year Avanath Capital Management expands East Coast footprint; acquires 270+ housing units E
HI-LIGHTS A ugust 24 - S ept . 13, 2018 The firm acquired Menlo Manor, a 240-unit affordable senior housing community in New Jersey and Coral Ridge Isles, a 33-unit workforce housing community in Florida. Both properties were acquired through Avanath’s institution- al fund, Avanath Affordable Housing III. DISON,NJandFORT LAUDERDALE, FL — Avanath Capital Management, LLC has ac- quired two affordable multi- family properties totaling 273 units for a combined total of $29.36 million.
Coral Ridge Isles
able housing options across both states. “Both of these acquisitions will allow us to maintain hous- ing affordability in these cost burdened areas, as well as amass economies of scale to drive down operating costs, and better serve residents,” says Williams. Menlo Manor's seller, Jeff Spragens, was represented by Alex Medeiros of CBRE . Coral Ridge Isles was ac- quired in joint partnership
with Oak Tree Residential. The apartment community is located at 1400 NE 53rd Court in Fort Lauderdale, Florida. The seller, a private investor, was represented by Kirk Felici of Marcus & Millichap . The apartment community features a large community room and exterior courtyard, library, dining area, commu- nity kitchen, automatic front doors and various transporta- tion services.
“We are focused on acquiring and preserving affordable and workforce housing assets in strong growth markets across the country, including areas across the East Coast,” said president of Avanath Capital Management, JohnWilliams . “This is our second acquisition in New Jersey, and our ninth in Florida. Earlier this year, we acquired Centennial Court, a 101-unit senior apartment
community in Wharton, which brings our holdings in the New Jersey/New York metro area to a total of 1,045 units. We also currently own a total 1,647 units in Florida.” Williams explains that both New Jersey and Florida are undergoing rapid economic growth and expansion, as well as experiencing significant population gains. This has led to increased demand for afford-
76ers & Buccini/ Pollin Group break ground on fieldhouse
Topping off signals Lancaster Marriott East Tower structural completion High Real Estate Group LLC celebrates $39.4 million expansion with community leaders
Lancaster, and other com- munity leaders who played significant roles bringing the project to life. “The East Tower will fulfill a crucial role in attracting more large events to the Lancaster County Convention Center,” said Fitzgerald. “The Conven- tion Center has proved itself to be an economic engine and a catalyst for growth and in- vestment in Lancaster. We’re delighted to be able to help this important community asset realize its full potential.” A new, 6,500 s/f restaurant and bar will occupy the first floor. A rooftop bar with a sidewalk entrance and a sig- nature Marriott M Club will also be part of the East Tower. Cooper Carry Inc. of Atlanta designed the East Tower and High Construction Company is erecting it. The Redevel- opment Authority of the City of Lancaster owns the building.
About High Real Estate Group LLC
LANCASTER, PA —Mark- ing a major milestone in a project that redefines the sky-
High Real Estate Group is a full-service real estate orga- nization providing expertise in development, brokerage, architecture, construction, and investments, and holds real es- tate assets with an estimated market value of approximately $1 billion. Through its af- filiate, High Associates Ltd., High also offers a full comple- ment of real estate services including asset and property management, development services, appraisal services, grounds and property main- tenance, strategic planning, and consulting. The company manages more than 9 million square feet of office, industrial, multi-family, hotel, and retail properties throughout the eastern United States. High Real Estate Group is family- owned and based in Greenfield Corporate Center, East Lam- peter Township, Lancaster.
l ine of the c i ty , High Real Estate Group LLC hosted a top- ping off cer- emony at the East Tower expansion of the Lancast-
er Marriott at Penn Square. A High Construction Com- pany crane hoisted a sym- bolic final beam to the top of the 148-foot tower, capping a ceremony attended by more than 100 staff, community members, elected officials, and onlookers. The topping off represents the completion of the struc- tural phase of the 87,000 s/f building. The East Tower, with 12 new floors, a completely renovated first-floor restau- rant and a rooftop bar, will add
110 rooms to bring the total Lancaster Marriott rooms to 416. The tower is slated to open in spring 2019. Painted white, the 10-foot topping-off beam bears the sig- natures of Mark Fitzgerald , president and COO of High Real Estate Group, Danene Sorace, Mayor of the City of Lancaster Marriott at Penn Square
Atapco Properties & CREG joint venture acquire 52-acre former outlets site 26B
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