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8/30/21
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Avanath Capital Management LLC has acquired Acton Courtyard, a 71-unit, mixed-use affordable housing community with 7k sf of ground-floor retail in Berkeley, CA. The property is located at 1370 University Ave, between San Pablo Ave and Sacramento St.
Built in 2003, Acton Courtyard consists of one five-story building containing four studios, eight one-bedroom units, 58 two-bedroom units and a manager’s unit. The property has maintained a 96% occupancy rate throughout the COVID-19 crisis.
In-unit amenities include balconies with city views, maple shaker cabinets with brass hardware, laminate countertops, dishwashers, microwaves, gas ranges, built-in bathroom shelving, ceiling fans, spacious closets, and cable and internet included. Common area amenities at the pet-friendly community include a rooftop deck with expansive views, a large courtyard, laundry facilities, underground and assigned parking, car lifts, and controlled access.
Ground-floor retail tenants at the community include SignCo USA, International Academy of WingChun, CC Made and Café Fanny Organic Granola, a Verizon equipment facility and the property leasing office. The property, which boasts a walk score of 93, is located a short walk from public transportation, approximately one mile west of the UC Berkeley campus, one mile from Downtown Berkeley, and within easy access of daily-needs retail, innovative restaurants, and cultural and lifestyle amenities.
The property was developed with tax-exempt bonds and subject to the City of Berkeley’s Inclusionary Housing Program. The bonds were retired but the property is still subject to restrictive covenants from the bond issuance as well as those associated with the City of Berkeley development requirements. The restrictive covenants designate maximum income levels for residents at the property.
Avanath plans to implement a variety of capital improvements to the community that will benefit residents and enhance the property’s value while allowing rents to remain at a healthy discount to market-rate units, according to company President and CIO John R. Williams.The property purchase price was not immediately disclosed.
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