Avanath Acquires Two Affordable Housing Properties in Chicago for $43.7M
CHICAGO — Avanath Capital Management LLC has acquired two affordable housing properties in Chicago for $43.7 million. Avanath purchased Scotland Yard Apartments in the Buena Park neighborhood for $28.3 million. Built in two phases in 1915 and 1917, the 156-unit property was renovated in 1982. Avanath plans to make a number of improvements to the property. The second community is Renaissance North, a 59-unit property that Avanath purchased for $15.4 million. Constructed in 2003, the community features one-, two- and three-bedroom units in addition to first-floor retail space. Renaissance North, built in conjunction with the Chicago Housing Authority, offers both market-rate and affordable units. Avanath will also make a series of upgrades to this property.