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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).