Aspire Real Estate Investors, a newly-created firm spun off from Irvine-based Avanath Capital Management LLC, has nixed plans to go public, according to a recent filing with the SEC.
The Irvine-based real estate investment trust initially filed to go public in October via a $100 million initial public offering.
Aspire said in regulatory filings that it was pulling its IPO “due to market conditions.”
Led by Avanath Founder Daryl Carter, Aspire intended to become the first publicly traded REIT to pursue a strategy focused on affordable and workforce multifamily housing, and also expected to qualify as the first publicly traded Opportunity Zone Fund REIT listed on a national securities exchange.
