Privately held multifamily owner and operator Avanath Capital Management LLC has closed its open-ended affordable housing fund. The company has $536 million in equity commitments. The initial funds were used to seed money for its $830 million affordable housing portfolio.

“This closing of this perpetual-life vehicle marks the beginning of an exciting new chapter for the Avanath team,” Daryl Carter, chairman and CEO of Avanath, said. “In addition to accelerating the firm’s growth and expanding our acquisition capacity, the Fund’s infinite lifespan enables us to invest on an ongoing basis in affordable housing that serves residents and communities in need throughout the country.”

The funds will also provide cash for other acquisitions. The affordable housing fund will be the firm’s primary investment vehicle for new affordable and workforce housing acquisitions in the future.