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4/13/22
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Avanath Capital Management LLC acquired St. John’s Manor, a 36-unit affordable senior housing community in Costa Mesa, for $11.75 mil ($326k/unit). The deal marks the firm’s third OC purchase this year.
Built in 1984 and renovated in 2007, St John’s Manor is located at 2031 Orange Ave. It is situated just one mile from the Pacific Coast and near major highways including the 55, 73, 405 and 1. The property is currently 100% occupied.
According to John Williams, President and CIO at Avanath Capital Management, the firm plans to implement a series of improvements to the property that are aligned with Avanath’s ongoing mission of delivering quality rental housing that is affordably priced.
“There is an increasing need for affordable housing for seniors, especially in high priced areas of Orange County,” says Williams. “Baby Boomers, who a large percentage are expected to be reaching retirement age by 2030, will be looking to downsize and seeking quality options that are affordable like St John’s Manor.”
“Costa Mesa has continued to expand over the last decade and has a robust local economy, making the market extremely attractive,” explains Williams. “It is a walkable community that is close to major thoroughfares and features a variety of top retail and dining. In fact, South Coast Plaza, one of the nation’s largest shopping centers is in Costa Mesa, and the city was named as one of the best small towns for restaurants west of the Mississippi River in USA Today.”
This acquisition comes on the heels of Avanath’s acquisition of The Overlook at Anaheim Hills, a 261-unit senior housing community in Anaheim and The Grove Senior, an 85-unit senior housing community in Garden Grove. Avanath currently owns more than 13,000 units across the U.S., 2,550 units of which are age-restricted, senior apartments.
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