Avanath Makes 13th Sacramento Acquisition with Off-Market Deal
Avanath Capital Management LLC, a multifamily owner and operator that primarily focuses on affordable and workforce housing, acquired Rivers Senior, a 120-unit affordable senior housing community located in West Sacramento, for $19 million. The property, Avanath’s 13th in the Sacramento area, was acquired off-market from a seller with whom Avanath has completed numerous deals.
“Affordability is seen as Sacramento’s biggest housing-market challenge,” said Daryl Carter, Avanath’s founder, chairman and CEO. “Given the current dynamics of rising market-rate rents, elevated cost of living, and inflation, this transaction is especially significant and comes at a critical time.”
Constructed in 2008, Rivers Senior is 98% occupied. Avanath will manage the property internally and plans to implement several capital improvements at the property, including replacing the roofs and boilers. The firm will also incorporate ESG principles consistent with its mission, including upgrading the property with LED lighting and completing additional energy-saving projects.
