Avanath Capital Management has increased its footprint in Chicago with the acquisition of two affordable multifamily properties for $72.2m (β¬62.3m).
The real estate manager said it bought the properties - which include the 582-unit Hinsdale Lake Terrace in Willowbrook and the 86-unit Drexel Court - on behalf of the Avanath Affordable Housing III fund.
Hinsdale Lake Terrace was acquired for $63m and Drexel Court Apartments was acquired for $9.2m.
John Williams, the president and CIO of Avanath Capital Management, said: βBoth are mid-1900βs-era affordable housing properties in economically thriving submarkets.
βThe Chicago market is precisely aligned with our investment thesis, through which we preserve affordability in the nationβs most cost-burdened regions, while simultaneously driving value for investors.β
This acquisition increases Avanathβs footprint in the region, bringing its portfolio in the Chicago metro to more than 840 units, Williams said.
βDrawing upon our national property management platform, we will be able to increase operational efficiencies and deliver a high quality of life to our residents throughout the region,β Williams said.
Earlier this year, Avanathβs third US affordable housing funds - Avanath Affordable Housing III and Avanath III NY Co-Investment - raised $388m at final close.
