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June 19, 2024
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Avanath Capital Management Closes on 1,032-Unit Res Portfolio Buy in the Sacramento Area


Avanath Capital Management LLC has acquired six affordable family and senior multifamily communities totaling 1,032 units in the Sacramento metropolitan area in an off-market transaction valued at more than $181.6 mil.

Whitney Ranch: 711 University Ave, Rocklin
Whitney Ranch: 711 University Ave, Rocklin
The portfolio consists of four family and two senior affordable communities. They include Anton Arcade, Norden Terrace, The Ridge, and Whitney Ranch, while the senior properties include Corsair Park Senior and Hurley Creek Senior. With this acquisition, Avanath now holds 12 total properties and manages 1,854 total units in the Sacramento metropolitan area.

“Preserving affordability in markets where rental rates are historically high is the essence of our firm’s mission,” says Daryl Carter, Founder, Chairman, and CEO of Avanath. “As the Northern California region is a hub for technology and other high-paying industries, market-rate apartments have been driven out of reach for many lower-income families and seniors. Our goal is to provide housing that these renters can afford, particularly as inflation continues to rise.”

Constructed between 2008 and 2017, the properties were 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.

Each community in the portfolio features common amenities such as a leasing center, central clubhouse, business center, fitness center, pool, laundry facilities, carports, and garages. Avanath plans to implement sustainable and social service measures aligning with the firm’s ESG goals, such as energy-saving updates and resident impact programming. Through one of these programs, Avanath is providing residents free access to Wellbeats, an app featuring a variety of virtual fitness classes.

Anton Arcade is located at 2134 Butano Dr in Sacramento; Norden Terrace is located at 3685 Elkhorn Blvd in North Highlands; Ridge is located at 8151 Civic Center Drive in Elk Grove; Whitney Ranch is located at 711 University Ave in Rocklin; Corsair Park Senior is located at 6920 Watt Ave in North Highlands; Hurley Creek Senior is located at 4275 El Centro Rd in Sacramento.

As we expand affordable housing options in cities where demand is robust and supply is lacking, we view Sacramento as an ideal investment target,” says John R. Williams, President and CIO at Avanath Capital Management.. “The average rental rate in Sacramento has increased by 12% over the past year, and the gap between market-rate and affordable rents in the area has widened considerably, increasing the potential for ongoing renter demand for high-quality budget-friendly apartments in this market.”

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