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Avanath Capital Management Spends $131 Mil on 297-Unit Bay Area Affordable Housing Portfolio

1/05/23

Avanath Capital Management LLC has acquired the Novato Portfolio, comprising two LIHTC rental apartment properties totaling 297 units in the Bay Area submarket of Novato, for $131.5 mil ($443k/unit). Purchased with equity from the firm’s Renaissance Fund and debt financing through CBRE and Fannie Mae, the purchase expands Avanath’s presence in Northern California and achieves its 17th and 18th acquisitions in the market.

Bay Vista at Meadow Park
Bay Vista at Meadow Park
The portfolio comprises Bay Vista at Meadow Park, located at 5 Hutchins Way, and Creekside at Meadow Park, located at 46 Tinker Way. They were built in 2005 and 2003, respectively, using LIHTC. Bay Vista and Creekside provide housing for residents at rents between 30% AMI and 60% AMI. Both properties are over 98% occupied.

“There is a significant need for affordable housing in the greater San Francisco market,” says Daryl Carter, Founder, Chairman, and CEO of Avanath Capital Management. “Currently, 26% of the total units in the market are designated as affordable housing. While planning to develop new properties exists within the market, only 16% of newly completed units would be affordable. There is a genuine affordable housing crisis, and we are determined in our mission to contribute to its resolution.”

Bay Vista is composed of 15 two-story buildings totaling 220 units, a leasing office that also serves Creekside, and a laundry building across 16.4 acres. The property offers two- and three-bedroom units, and property amenities include the daycare center, swimming pool, spa, and picnic areas.

Creekside consists of 26 two-story buildings totaling 77 units with a daycare center and playground across 7.81 acres. Creekside offers two-, three-, and four-bedroom floorplans. Both properties are well-located close to CA-101 and I-580 for convenient access to San Francisco, Oakland, and Santa Rosa.

“The population is expected to continue on a strong growth trajectory, and the average median income has increased at a significant rate,” says Connor Mortland, Avanath’s Vice President of Acquisitions, who notes that the San Francisco MSA AMI increased by an average of 8.79% each of the past five years and is the third highest in the United States.

“In addition to the increasing AMI, as of July 2022, the San Francisco asking market rents increased by 8.62% within 12 months, reaching an average $3,139,” explains Mortland. “The market has displayed strong performance and growth year-over-year; however, the need for affordable housing remains.”

Avanath will be installing washer/dryers in each of the units. The firm will also be assessing the amount of greenhouse gas that has been emitted from the property and will recommend property level initiatives to reduce energy consumption and greenhouse gas production. In addition, Avanath will be installing LED lighting, electrical appliances, and electric water heaters to the Novato Portfolio units and may potentially add electric vehicle charging stations. Both Bay Vista and Creekside offer a daycare center for resident use.




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