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Avanath Launches Multifamily Development Group
Irvine, CA-based Avanath Capital Management, LLC launched a new entity focused on new multifamily development opportunities. The group will initially be called Avanath Development, LLC and will be led by Jun Sakumoto (pictured), who was promoted from Avanath’s COO to President of the newly-formed division.
The initial focus will be on four multifamily development projects, three that exist within the firm’s portfolio, and a new development in Detroit. The projects that will launch the new entity include Arbors at Cary in Cary, NC; Woodside in Ontario, CA; and Ravenna in Orlando, FL.
Avanath’s Daryl Carter says, “There is a great need for the development of affordable, workforce and value-oriented apartment communities in markets throughout the country. Now is the right time for us to introduce our own division that is devoted to meeting that need.”
Multifamily development projects led by Avanath Development, LLC will be capitalized by investors seeking development projects in Opportunity Zones.
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