Sacramento Affordable Multifamily Portfolio Sells for $182M
Irvine, CA-based Avanath Capital Management, LLC has purchased six affordable family and senior apartment communities in Sacramento, CA for $182 million. According to a news release, the acquisition expands the firm’s NorCal presence where affordable housing has become increasingly challenging.
“Preserving affordability in markets where rental rates are historically high is the essence of our firm’s mission,” said Avanath CEO Daryl Carter. “As the Northern California region is a hub for high-paying industries, market-rate apartments have been driven out of reach for many lower-income families and seniors. Our goal is to provide housing that these renters can afford, particularly as inflation continues to rise.”
The portfolio consists of four family and two senior communities totaling 1,032 units and all located in the Sacramento area. The family properties include Anton Arcade, Norden Terrace, The Ridge and Whitney Ranch while the senior properties include Corsair Park Senior and Hurley Creek Senior.
Pictured: Whitney Ranch
- ◦Sale/Acquisition