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Avanath Capital Expands East Coast Footprint
Avanath Capital Management, LLC acquired two affordable multifamily properties totaling 273 units for $29.36 million. The assets include Menlo Manor (pictured), a 240-unit affordable senior housing community in New Jersey, and Coral Ridge Isles, a 33-unit workforce housing community in Florida. Both properties were acquired through Avanath’s institutional fund, Avanath Affordable Housing III.
“We are focused on acquiring and preserving affordable and workforce housing assets in strong growth markets across the country, including areas across the East Coast,” says Avanath Capital Management’s John Williams. “This is our second acquisition in New Jersey, and our ninth in Florida.”
Menlo Manor is a five-story affordable apartment community for seniors in Edison, NJ. The property is located at 161 Inman Ave. and is comprised of a mix of studios, one, and two-bedroom units. The seller, Jeff Spragens, was represented by CBRE’s Alex Medeiros.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

