A Southern California real estate investor has bought a 236-unit affordable housing complex in Mission Bay for $96 million.
Avanath Capital Management bought the Crescent Cove apartments at 420 Berry St. from Related Companies California and Chinatown Community Development Center, based in San Francisco, the San Francisco Business Times Reported. The deal cost $407,000 per unit.
Irvine-based Avanath, which in April announced it had secured $536 million in equity for its open-ended affordable housing fund, has also added a trio of affordable properties in the Sacramento area for a combined $34 million.
Related Companies and the CCDC developed Crescent Cove in 2007 during a residential boom in Mission Bay, according to the Related website.
The 3.6-acre complex, with a mix of studio, one- and two-bedroom apartments next to a waterfront park, rents to tenants who earn up to 60-percent of area median income.
The housing development, designed by David Baker & Associates, follows the curve of CalTrain railroad tracks, with a design that cuts the sound from slow moving trains.
Amenities include a 3,000-square-foot community center, fitness room and outdoor barbecue area.
The property is Avanath’s fifth in the Bay Area, according to the Business Times.
Last year it paid $25.3 million for the 71-unit Acton Courtyard in Berkeley from Equity Residential; the firm also owns a property in Oakland, one in San Jose and one in the North Bay city of Dixon.
Avanath Capital, an affordable and workforce housing investor founded in 2007, owns 104 apartment properties in 53 cities across 14 states, according to its website.
Chinatown Community Development Center, a nonprofit community development agency founded in 1977, has 36 properties in San Francisco that provide affordable housing to more than 4,500 residents, according to its website.
[San Francisco Business Times] – Dana Bartholomew
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