FOUNDER, CHAIRMAN, CEO, AVANATH CAPITAL MANAGEMENT, IRVINE
Longtime head of firm that acquires, renovates, and operates apartment properties, with an emphasis on affordable and workforce communities. Since its formation in 2008, Avanath has acquired $2.5B of properties in 13 states in the U.S., totaling 10,000 apartment units.
THEN: Avanath previously opened four investment funds; all of them have had a 10-year shelf life, which has limited the possibility of long-term holds for Avanath, officials said.
NOW: Prepping for a new wave of affordable housing investments — and, for the first time, apartment development—after closing its first open-ended fund totaling $536M. The fund is a consolidation of the firm’s first two funds and will serve as the company’s sole investment vehicle for new affordable and workforce housing acquisitions moving forward. The fund was launched with investor UBS and adviser Accord Capital Partners. The fund’s seed portfolio includes 27 apartment communities including 4,256 units with a value of $830M. Those assets were part of the first two closed funds.
FUTURE: “In addition to accelerating the firm’s growth and expanding our acquisition capacity, the fund’s infinite lifespan enables us to invest on an ongoing basis in affordable housing that serves residents and communities in need throughout the country,” Carter said in April.
IN THEIR WORDS: Says company’s mission is to provide “budget-friendly homes and impactful social programs for those most in need throughout the country.”
