Avanath Purchases Two Affordable Housing Communities in Alexandria, Orlando for $99.2M
ALEXANDRIA, VA. AND ORLANDO, FLA. — Avanath Capital Management LLC has purchased tow affordable housing communities for a combined $99.2 million. The first property, Alexandria Station Apartments, is located in Alexandria and sold for $52.7 million. The 290-unit community was built in 1965 and renovated in 1998 and 2010. The property comprises 25 three-story buildings that were 97 percent occupied at the time of sale. Alexandria Station is a 251,579 square-foot property consisting of studio, one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, grilling and picnic areas, playground, on-site-laundry facilities and a clubhouse.
The other property is Brooke Commons, a 288-unit complex in Orlando that sold for $46.5 million. Built in 2000 and comprising 36 two-story buildings, Brooke Commons was 99 percent occupied at the time of sale. Five percent of the community’s units serve those making 55 percent of the area median income (AMI), while 50 percent are reserved for residents earning 60 percent AMI and 45 percent of the units are for residents earning 60 to 80 percent AMI. The property is located three miles from the University of Central Florida campus and 12 miles northeast of downtown Orlando. Communal amenities include a business center, clubhouse, fitness center, swimming pool, grilling and picnic areas, playground, volleyball court and a car wash area. Avanath plans to implement an afterschool program called “Monster Club,” which will include homework assistance, arts and crafts, summer camp and other offerings at no cost to residents. The seller(s) was not disclosed.