
Avanath Acquires Lakeview Mixed-Income Property for $119M
Los Angeles-based Avanath Capital Management LLC, a multifamily owner and operator that primarily focuses on affordable and workforce housing, has acquired Lincoln Park Plaza, a 256-unit mixed-use, mixed-income multifamily community with ground-floor retail in Chicago’s Lakeview neighborhood. The $119-million acquisition is Avanath’s fourth in Chicago.
The purchase of the 100%-occupied property, which will be managed internally by Avanath, advances the firm in its commitment to preserving quality and affordability in underserved areas, especially as the availability of attainable housing in many markets throughout the country remains low, according to Avanath’s founder, chairman and CEO Daryl Carter.
“With limited new construction and skyrocketing housing costs, Redfin has named Chicago as one of the top home-price markets in the country for 2023, increasing demand for affordable housing in the city,” said Carter.
Built in 1981, Lincoln Park Plaza is located at 600 W. Diversey Pkwy. in Lakeview.
- ◦Sale/Acquisition