Avanath Capital Management’s Daryl J. Carter along with 5 Hutchins Way (left) and 46 Tinker Way (right) (Getty, Avanath Capital Management, CBRE)
Avanath Capital Management has enlarged its network of multifamily properties in the Bay Area by buying nearly 300 low-income apartments in Marin County for $131.5 million.
An affiliate of the Southern California real estate investor bought the 220-unit Bay Vista at Meadow Park at 5 Hutchins Way and the 77-unit Creekside at Meadow Park at 46 Tinker Way, both in Novato, the North Bay Business Journal reported.
The seller was an affiliate of Shea Homes, based in Walnut, which had owned both complexes since 2003. The price came out to nearly $442,800 per unit.
“Based on the lack of development pipeline in the immediate area, both properties will remain as some of the highest quality affordable communities in fast-growing Marin County, serving an incredibly strong demand for years to come,” Daryl Carter, CEO of Avanath, said in a statement.
Bay Vista at Meadow Park was built in 2005 on 16.4 acres and has 15 two-story buildings with two- and three-bedroom units. It has a daycare center, pool, spa and picnic areas.
Creekside at Meadow Park was built in 2003 on 7.8 acres and has 26 two-story buildings with two-, three- and four-bedroom units.
Avanath plans to install LED lighting, electric appliances and water heaters, and may add chargers for electric vehicles. It plans to include after-school programs, community forums and art classes.
CBRE represented the seller, Bay Vista at Meadow Park, and buyer, Avanath Bay Vista.
Avanath, based in Irvine, bought the properties through its Renaissance Fund and financed the acquisition via CBRE and Fannie Mae, according to the Business Journal.
Since it was founded in 2008, Avanath has invested $3.5 billion to buy 15,000 apartments in 14 states, and now manages more than 3,000 affordable and workforce units in Northern California and more than 800 in the Bay Area, according to its website.
Last summer, Avanath and another developer struggled to obtain long-term financing for a $2 billion plan to add 2,000 homes to a Freedom West co-op in San Francisco’s Fillmore District.
In May, the comopany bought a 236-unit affordable housing complex in Mission Bay for $96 million.
— Dana Bartholomew
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