US real estate investor Avanath Capital Management has acquired three affordable housing properties for $55.05m (€49.7m).

Avanath said it bought the three housing communities with a combined total of 317 units in Chicago and Maryland.

Avanath has acquired the 156-unit Scotland Yard and the 59-unit Renaissance North apartments in Chicago for $28.3m and $15.45m respectively.

The company also paid $11.3m for the 102-unit affordable senior housing community Victoria Park asset at Edgewater in Maryland.

John Williams, president and CIO at Avanath Capital Management, said the latest acquisitions increases the company’s holdings in Chicago to 1,063 units and its total holdings in the Washington DC metro area to 1,169 units.

“Our investment strategy is founded on preserving affordability for residents in some of the nation’s most cost-burdened areas while simultaneously creating value for our investors, Williams said.

“Through our proven asset management strategy, we will make capital improvements to these newly acquired properties that will enhance value for investors and keep rents low for residents.”

• A previous version of this story misstated Avanath’s total holdings in the Washington DC metro area