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Avanath Capital Closes Two Affordable Housing Funds

Co-Investment Funds Total $388 Million
January 3, 2018
Avanath Capital Management LLC, a private real estate investment manager, held final close of its Avanath Affordable Housing III and Avanath III NY Co-Investment funds with $388 million in equity commitments.

Combined, the funds are one of the largest affordable housing funds in the country.

The funds' investment strategy is to acquire and preserve affordable housing assets in supply-constrained markets with high barriers to entry that are poised for strong job, income and economic growth.

With this closing, Irvine, CA-based Avanath has almost doubled its equity commitments from its second, which had its final closing of at $200 million in July 2015.

"The results we have achieved in Fund I and II have allowed us to elevate this third round of fund raising to new heights, and to garner tremendous institutional interest nationally and internationally," said Avanath's president and CIO John R. Williams. "As the institutional community begins to more deeply understand the affordability crisis in the U.S., and as institutions continue to prioritize social impact investments, we will see continued increased activity in the affordable sector for years to come."

To date, Avanath Capital Management has acquired nine assets totaling $123 million under the funds, and has an additional four assets under contract, with closings scheduled over the next several months.

It has more than half of the total Fund III capital remaining to invest.

Avanath's funds are comprised of a total of 19 investors, including three pension funds, three foundations, four U.S. companies, four U.S. banks, four U.S. family offices and one European family office.

Avanath Capital Management currently has more than $1.2 billion in assets under management totaling 42 apartment communities and 7,000 units.

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