Avanath Capital Management has invested $44.6m (€37m) to buy two US affordable housing communities.
The real estate manager has acquired the Cascades Village senior housing community n Sterling, Virginia for $27.1m and the Vintage Tower family community in San Jose, California for $17.5m, both together totalling 209 units.
Avanath said it intends to implement value-add strategies to improve the properties.
John Williams, president and CIO of Avanath Capital Management, said the acquisitions represent the firm’s continued expansion into new markets as well as its ability to realise economies of scale in markets where it currently owns assets.
“Northern Virginia, where we now own four assets, and Northern California, where we now own eight assets, are two regions that show great potential for continued economic growth and affordable housing demand, as well as favourable risk-adjusted returns for our investors,” Williams said.
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