Avanath Capital Management LLC has bought Silver Springs, a 251-unit affordable apartment community in Kent from a local developer for an undisclosed sum.
It marks the first Washington purchase for the private real estate investment manager that specializes in affordable and workforce housing.
Along with a deal in Oakland, Calif., this completes the investment of a $200 million institutional fund package. Since 2008, the firm has invested in the acquisition and operation of more than 35 such housing assets across the U.S., targeting metropolitan markets with economic growth and strong fundamentals.
“The market’s growing technology sector, mass transit infrastructure, and manufacturing industry are driving employment in this region, which translates to enormous demand for affordable housing,” said John Williams, president and chief investment officer for the firm. “Given the strong correlation between job creation and rent increases, these acquisitions demonstrate our commitment to targeting markets where affordable housing is most needed.”
Built in 2000, the Kent Silver Springs community was 98 percent occupied at the time of this sale/purchase. It is located at 22416 88th Ave. South in Kent.