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Avanath Capital Management Buys $63M Mixed-Use in Orlando’s Parramore District
Avanath Capital Management, LLC, has acquired City View, a mixed-use, mixed-income property at 595 Church Street in Orlando, FL, for $62.5 million. Marcus and Millichap marketed the transaction.
Avanath acquired the property — made up of 266 multifamily units and 24,865 square feet of retail space — through a combination of its commingled fund equity and financing from JPMorgan Chase and Fannie Mae.
In alignment with Avanath’s mission, 131 units will be designated affordable with the property’s rent restrictions continuing until 2050. The designations are 28 units at 50% of area median income, 79 units at 60%, and 24 units at 120%.
“Ensuring access to quality affordable housing in this market is essential, especially as Downtown Orlando’s median rents have increased 19.3% over the past year,” said Daryl Carter, founder, chairman, and CEO of Avanath.
The acquisition of City View brings Avanath’s current Orlando portfolio to six properties totaling more than 1,500 units.
- ◦Sale/Acquisition
