Avanath Forges Partnership to Build Affordable in Less Time and at Lower Cost

Avanath Capital Management LLC, an Irvine-based owner and operator primarily focused on affordable and workforce housing, and Vessel Technologies, Inc., a mission-driven housing product company, have formed a strategic partnership to acquire, entitle, develop and operate multifamily communities in markets nationwide.

Daryl J. Carter, founder, chairman and CEO of Avanath, said Vessel’s solutions enable the development of appealing, sustainable multifamily communities at a fraction of the cost and time compared to traditional apartment construction. “Vessel’s goal to revolutionize how apartments are constructed in order to dramatically increase the supply of housing—and deliver it at a price that the working class can comfortably afford—aligns with Avanath’s mission of providing as many Americans as possible with quality housing that helps them achieve their desired lifestyles, without leaving them cost burdened,” said Carter.

The first phase of Avanath’s collaboration with Vessel will be acquiring two communities, totaling 166 units, currently under development in Connecticut. From there, the firm will identify development opportunities in markets across the U.S. The goal is building a pipeline of 10 more properties, to be managed by Avanath, by the end of 2025 and a total of 5,000 units over the next five years.