WEST SACRAMENTO, CALIF. — Avanath Capital Management LLC has acquired Rivers Senior, a 120-unit affordable seniors housing community in West Sacramento, for $19 million.
Constructed in 2008, Rivers Senior was built utilizing the California Tax Credit Allocation Committee’s Low-Income Housing Tax Credits (LIHTCs) along with bond financing via multiple agencies. Additionally, the asset benefits from the State of California’s Welfare Tax Exemption.
The community features 96 one-bedroom and 24 two-bedroom units, 60 of which are reserved for residents earning up to 50 percent of area median income (AMI) and 59 units of which are reserved for residents at 60 percent of AMI.
The property consists of nine two-story buildings situated on 4.8 acres, located approximately 2.5 miles west of downtown Sacramento, the main employment center for the city of Sacramento.
The property, Avanath’s 19th acquisition in Northern California and its 13th in the greater Sacramento area, was purchased in an off-market transaction with the seller, from which Avanath has previously purchased numerous Sacramento-based multifamily assets.
Avanath will manage the property internally and plans to implement several capital improvements at the property, including replacing the roofs and boilers. The firm will also incorporate ESG principles aligned with its mission, including upgrading the property with LED lighting and completing additional energy-saving projects.