26,000-UNIT SIMPSON HOUSING SOLUTIONS PORTFOLIO SELLS
IRVINE, CALIF. — Avanath Capital Partners and MacFarlane Costa Housing Partners have acquired Simpson Housing Solutions (SHS) and its portfolio of 273 properties. The 26,000-unit portfolio consists of affordable rental apartments in 33 states, Washington D.C. and Puerto Rico, with more than half of the properties located in California. In the initial phase of the two-phase transaction, ownership of the former SHS portfolio will be jointly held by Avanath Affordable Capital, a wholly owned subsidiary of Irvine-based Avanath Capital Partners, and MacFarlane Costa Housing Partners (MCHP). MCHP is a newly formed joint venture between Michael Costa, the president of SHS, and MacFarlane Partners Affordable Housing, an affiliate of San Francisco-based MacFarlane Partners. To finance the acquisition, Avanath is conducting a fund offering for which real estate investment banking firm Presidio Partners is serving as the placement agent.