Avanath Makes Affordable Buys in South Shore, Willowbrook
Avanath Capital Management has acquired two Chicago-area affordable multifamily properties totaling 668 units, including one on the city’s South Side. The assets were acquired through Avanath’s institutional fund, Avanath Affordable Housing III for a combined $72.2 million.
Larger of the two properties, and acquisitions, was the 582-unit Hinsdale Lake Terrace in Willowbrook, IL, which traded for $63 million. Avanath also picked up the 86-unit Drexel Court (pictured), in Chicago’s South Shore neighborhood, for $9.15 million.
“The Chicago market is precisely aligned with our investment thesis, through which we preserve affordability in the nation’s most cost burdened regions, while simultaneously driving value for investors,” said Avanath president John Williams. “Chicago has emerged as a hub of growth with rapid economic revitalization that is now spilling over into the city’s submarkets and South Side.”
With this sprawl comes rent increases, “resulting in a dire need for more affordable housing options,” he added.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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