IRVINE, Calif. – July 7, 2015 – (RealEstateRama) — Avanath Capital Management, LLC, a private real estate investment manager, has announced the final close for Avanath Affordable Housing II Fund, having completed its $200 million capital raise, according to John R. Williams, President and CIO of Avanath.
Avanath specializes in the acquisition and operation of affordable and workforce housing assets nationwide, with a focus on supply-constrained markets.
According to Williams, the fund is comprised of 10 investors, including three state pension funds, two banks, three insurance companies, one foundation and one family office.
“Six of our 10 investors are repeat investors, which speaks to the strength of our first fund,” explains Williams. “We are also gratified that our fund has appeal across such a broad spectrum of investor types.
“With anticipated returns at 13 to 15 percent net to investors, we and all of our investors are focused on bottom-line profitability. In addition, the breadth of financial organizations involved in our second fund also shows support for the value of the social benefits we provide. In the communities surrounding our investments, we are raising the bar for the quality of affordable housing in areas where it is most needed.”
Following the fund’s first closing in December 2013, Avanath Affordable Housing II has already invested in 13 affordable and workforce multifamily assets in Southern California; Northern California; Washington D.C. metro; New York City metro; Orlando, Florida; Naples, Florida; and Cary, North Carolina.
Approximately 25 percent of the $200 million is still available for investment in additional properties, Williams says.
Avanath Capital Management currently has approximately 31 multifamily properties totaling more than 5,700 units under management and ownership.
About Avanath Capital Management
Avanath Capital Management is a privately-held, vertically integrated investment firm managing real estate and real estate-related investments generating attractive risk-adjusted returns through current income and capital appreciation from its investments. The firm also provides property management services through its two affiliates, Avanath Property Management and McKinley- Avanath Property Management.
Lexi Astfalk/Jenn Quader
Brower, Miller & Cole