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Boston Area Affordable Housing Portfolio Sells to Avanath Capital
Avanath Capital Management, LLC, has acquired Logo Apartments, an affordable housing portfolio comprised of five sites totaling 11-buildings and 73-units across Roxbury, MA.
“Within 1.5 miles of Logo Apartments, the average age is 29.8, household income is $53,974 and house value is $502,333, according to the 2010 U.S. Census,” John R. Williams, president and CIO of Avanath Capital Management. “Avanath is excited to be providing high-quality and well-amenitized affordable housing in a market where demand is high and likely to rise.”
Built between 1899-1935 and in 1990, Logo Apartments are 100% occupied with an extensive waitlist. Each unit is covered by an Option 1A HUD HAP contract, which will preserve affordability for 20 years.
Logo Apartments is about 3.5 miles south of downtown Boston. The area will benefit from the City of Boston’s upcoming Nubian Square PLAN, which will transform vacant parcels into museums, marketplaces, entertainment and office space, along with other new investments.
- ◦Sale/Acquisition
