FORT LAUDERDALE, FLA. AND SEATTLE — Avanath Capital Management has acquired The Lodge at Peasley Canyon in Seattle and Harbour Pointe in Fort Lauderdale for a total of $84.8 million.
Both properties are multifamily communities targeting middle-income families. The Lodge features 339 units while Harbour Pointe features 34 units. Oak Tree Residential was Avanath’s joint-venture partner on the Florida transaction.
“Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” says John Williams, president and chief investment officer of Avanath. “Amidst this rent growth, there is a severe shortage of quality workforce housing that caters to middle-income families in major urban cores throughout the nation.”
Built in 2004, The Lodge at Peasley Canyon’s amenities include a pool and spa, fitness center, modern kitchens with maple cabinetry and washers and dryers in most units. Avanath bought the property for $73.3 million and plans to enhance the clubhouse, lighting, kitchens and bathrooms. The seller was an institutional owner.
Constructed in 1976 and renovated in 2006, Harbor Pointe is currently 100 percent occupied and features marble floors and boat slips. Avanath and Oak Tree paid $11.5 million for the property and plan to upgrade the fitness center and storage areas. The seller was a private owner.
Avanath is an Irvine, Calif.-based institutional fund manager that invests in affordable and workforce housing. The firm also provides property management services through its two affiliates, Avanath Property Management and McKinley- Avanath Property Management.
— Jeff Shaw