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Avanath Acquires DC Mixed-Income Apartment Community for $104M
Avanath Capital Management, LLC, has acquired 2M Street Apartments, a 315-unit high rise apartment community in Washington, DC. The mixed-income apartment tower located north of the Capitol Building and two blocks from the NoMa-Gallaudet U Red Line Metro station was acquired for $103.5 million.
“Our strategy is to identify growing markets where there is a continuous need and demand for affordability,” said John Williams, president and CIO at Avanath Capital Management. “2M has an affordability component where a number of units are reserved for lower income residents, which will allow us to continue our mission of delivering lifestyles within reach.”
The apartment community was designed to LEED Gold standards and features a variety of unique amenities including a community dog park, a private theatre, an indoor basketball court, fitness center and rooftop deck with a swimming pool.
Avanath currently owns 1,500 units in the DC metro and 13,000 units across the US.
- ◦Sale/Acquisition
