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1/30/23
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Avanath Capital Management LLC has closed on more than $205 mil in additional equity commitments to the Avanath Affordable Housing Renaissance Fund (the “Fund”) since November. Avanath is a multifamily owner and operator that primarily focuses on affordable housing.
“Avanath remains committed to advancing its mission of delivering quality affordable and workforce housing, and this perpetual-life vehicle has positioned us to continually and effectively invest in both our communities and residents,” explains Chairman and CEO Daryl Carter. “As we navigate a period of economic uncertainty, rent-regulated housing is increasingly essential to the ability of residents to live comfortably and thrive in markets throughout the country.”
Avanath announced the initial closing of the open-ended Fund this past March, which included $536 mil in equity commitments that were used to seed the vehicle with an institutional-quality affordable housing portfolio. Under a year later, the Fund has successfully bolstered the firm’s acquisitions capabilities and allowed for accelerated growth, according to John R. Williams, President and CIO at Avanath.
“Since the initial closing, Avanath has purchased four additional communities with equity from the Renaissance Fund,” explains Williams. “While much of the industry paused or slowed activity in the second half of 2022, our team has been well positioned, through strong capitalization and long-held, trusted industry relationships, to continue to acquire in the high-cost, high-growth markets we target.”
The recent $205 mil in equity commitments to the fund, closed in November through early January, speak to the strength and resilience of the portfolio, notes Avanath CFO and Partner Wesley Wilson. The Fund’s portfolio currently includes 27 properties totaling 4,786 units and is valued at nearly $1.2 bil with more than $750 mil of equity commitments from more than 15 institutional investors.
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