Avanath Capital Acquires Two Multifamily Communities in Metro D.C. for $29.3M

UPPER MARLBORO, MD. — Avanath Capital Management LLC has acquired two multifamily properties in Upper Marlboro, roughly 20 miles southeast of Washington, D.C., for a combined $29.3 million. The firm acquired Largo Center, a 100-unit community located at 520 Largo Center Drive, for $14.3 million, and Vistas at Lake Largo, a 110-unit seniors housing community located at 500 Harry S. Truman Drive, for $15 million. The properties were purchased through Avanath’s institutional fund, Avanath Affordable Housing III. The names of the sellers were not disclosed. Largo Center features a swimming pool, clubhouse and in-unit washers and dryers. Vista at Lake Largo features a theater, courtyard, community room and laundry facilities. Avanath plans to renovate both properties with upgraded clubhouses and fitness centers, keyless entry, LED lighting, exterior paint, landscaping improvements and renovated common area hallways.