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Affordable MultiFam Community Trades in Yorba Linda
Avanath Capital Management, LLC, a multifamily owner and operator that focuses on affordable housing, has acquired Yorba Linda Palms, a 44-unit community in Yorba Linda, CA for $11 million.
According to Avanath, the complex serves qualifying residents at 30-50% AMI. “This acquisition aligns with our strategy of investing in affordable housing in underserved markets throughout the country,” said the firm’s CEO Daryl Carter. “Yorba Linda is considered one of the most affluent cities in Orange County with the highest AMI in Southern California.”
Yorba Linda Palms consists of five two-story garden style buildings featuring two- and three-bedroom units as well as an office, clubhouse and resident center. The community is located a half-mile from the Richard Nixon Presidential Library and within walking distance of several retail and restaurant options.
Avanath plans to continue several in-place social programs for residents, including classes in financing literacy, English and writing and computer proficiency.
- ◦Sale/Acquisition
