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California   /   April 29, 2021

Lisa Brown
By: Lisa Brown

Impact Investor Avanath Places Large Emphasis on ESG

Senior housing communities are strategically positioned to continue to perform even in pandemics because many residents’ incomes are derived from social security and pensions. With that in mind, Avanath Capital Management LLC recently acquired its second senior housing community in Orange County in less than 90 days, Overlook at Anaheim Hills in Anaheim Hills. The 261-unit mixed-income community was purchased for $87.5 million.

“Overlook at Anaheim Hills is a senior community, which is a very attractive property as the aging Baby Boomer generation is continuing to downsize and look for quality housing options that are also affordably priced,” says Daryl Carter, founder/chairman and CEO of Avanath Capital Management. “In fact, the Anaheim market has an exceedingly limited senior housing supply and increasing call for units. Compared to newer senior construction that is closer to the Pacific Ocean, Overlook provides a more affordable option, larger unit sizes and is located in a highly desirable location.”

Built in 2001, Overlook consists of seven three- and two-story garden-style buildings with an average unit size of 751 square feet. At nearly 100 percent occupied, the property boasts occupancy and collections that have historically remained strong even during the pandemic, according to Carter.

“Vacancy averaged 2.51 percent from 2017 to 2019 and 1.68 percent over the last 12 months,” he says. “This historical data represents the strong area demand, quality of the property, and stability within the affordable and multifamily housing space, which is why this property was very attractive to us and aligns with our ongoing strategy.”

Avanath plans to implement a variety of capital improvements including incorporating sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.

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Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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