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4/26/21
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Avanath Capital Management LLC has acquired its second OC senior housing community in less than 90 days. In this latest deal, the firm purchased Overlook at Anaheim Hills, a 261-unit, mixed-income senior apartment community in Anaheim Hills, for $87.5 mil ($335k/unit).
Built in 2001, Overlook consists of seven three- and two-story garden-style buildings with an average unit size of 751 sf. The property is located at 145-235 South Festival Dr, adjacent to Anaheim Hills Festival Center, which contains a movie theater, grocery stores, shopping, and restaurants. It also features a variety of community amenities including a community center, clubhouse, business center, pool and spa, fitness center, and billiard room, among other features.
“Overlook is our second acquisition in our home county of Orange County over the past few months,” says Daryl Carter, Founder, Chairman and CEO of Avanath Capital Management. “Overlook at Anaheim Hills is a senior community, which is a very attractive property as the aging Baby Boomer generation is continuing to downsize and look for quality housing options that are also affordably priced. In fact, the Anaheim market has an exceedingly limited senior housing supply and increasing call for units. Compared to newer senior construction that is closer to the Pacific Ocean, Overlook provides a more affordable option, larger units sizes, and is located in a highly desirable location.”
Avanath plans to implement a variety of capital improvements to the property including renovating the clubhouses and community spaces and adding a dog park, as well as incorporating sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.
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