Irvine-based Avanath Capital Management LLC acquired a 120-unit affordable senior housing community in Sacramento for $19 million.
The property is Avanath’s 19th acquisition in Northern California and its 13th in the greater Sacramento area, bringing its total number of units in Sacramento to 1,974.
The new asset, Rivers Senior, is 98% occupied.
“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 year,” Founder, Chairman and CEO Daryl Carter said. “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.”