Avanath Capital Management, a private real estate investment manager, has expanded its East Coast portfolio, acquiring two affordable properties in New York City and Maryland for a combined total of $36.25 million.
The properties include Invincible Court, a 54-unit affordable family community in Harlem for $19.25 million, which was acquired in a joint venture partnership with Oak Tree Residential, and Manor at Victoria Park, a 148-unit senior affordable community in Temple Hills, Md., for $17 million.
“The need for quality affordable housing impacts all demographics everywhere,” said Daryl Carter, founder, chairman and CEO of Avanath Capital Management. “Whether a millennial priced out of a city’s urban core or a baby boomer retiring, downsizing and living on a fixed income, this demand continues to grow across the U.S.”
In fact, all of the baby boomer generation will be 65 and older by 2030, meaning over the next several years there will be an influx of renters looking for affordable senior properties. There also will be growing demand from younger generations as the wage gap continues to widen and rents continue to rise.
“By acquiring these two assets, we will be able to capture both ends of the market, providing affordable options to renters who need it most while also delivering risk-adjusted returns to our investors,” said Carter.