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Avanath, UBS Recapitalize $248M Affordable Housing Portfolio
Irvine, CA-based Avanath Capital Management, LLC completed a strategic recapitalization of a portfolio of affordable multifamily assets formerly held by Avanath Affordable Housing I, LLC, Avanath’s inaugural fund. The Elevate Portfolio, of which 65% is in highly desirable submarkets in California and Florida, was transferred to the new Avanath/UBS-AM vehicle at an aggregate value of roughly $248 million.
Interests in the Elevate Portfolio, which includes 2,085 units across 14 multifamily communities in high-barrier-to-entry markets nationwide, were sold to a group of institutional investors advised by UBS Asset Management, Real Estate & Private Markets’ (REPM) Multi-Managers business.
REPM’s David Kozlicki says, “The Elevate Portfolio provides REPM MM rare access to a fully stabilized and diversified portfolio of affordable housing assets, offering our clients strong risk-adjusted total returns with highly durable cash flow.”
Avanath will manage the assets and continue to provide high-quality housing options to an underserved segment of the population.
*Pictured Rancho Carrillo Apartments in Carlsbad, CA
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