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6/26/23
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Avanath Capital Management LLC has acquired Rivers Senior, a 120-unit affordable senior housing community located at 705 Dorothy Adamo Lane in West Sacramento, for a total consideration of $19 mil ($158k/unit) in an off-market transaction.
Constructed in 2008, Rivers Senior was built utilizing the California Tax Credit Allocation Committee’s LIHTC and with bond financing via multiple agencies. Additionally, the assets benefit from the state of California’s Welfare Tax Exemption.
The community features 96 one-bedroom and 24 two-bedroom units, 60 of which are reserved for residents at 50% of area median income (AMI) and 59 units of which are reserved for residents at 60% of AMI. The property consists of nine two-story buildings situated on 4.8 acres, located approximately 2.5 miles west of downtown Sacramento, the main employment center for the city of Sacramento.
The multifamily community offers unit amenities including dishwashers, private balconies/patios, garbage disposals, and in-unit washer/dryer connections. Common amenities include a clubhouse, leasing office, business center, library, fitness center, heated swimming pool, community garden, laundry facilities, and gated entry.
Avanath will manage the property internally and plans to implement several capital improvements at the property, including replacing the roofs and boilers. The firm will also incorporate ESG principles aligned with its mission, including upgrading the property with LED lighting and completing additional energy-saving projects.
“Housing affordability in many West Coast markets like Sacramento is notoriously low—especially for seniors, many of whom are living on fixed incomes,” says Avanath’s Founder, Chairman and CEO Daryl Carter. “Sacramento is one of the fastest-growing markets in the country, as evidenced by 12% rent growth over the last 12 months and average home price increases of 8.12% per annum over the last five years. In fact, affordability is seen as Sacramento’s biggest housing-market challenge. Given the current dynamics of rising market-rate rents, elevated cost of living, and inflation, this transaction is especially significant and comes at a critical time.”
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