Avanath Capital Management bought an affordable senior apartment complex in Sterling, Virginia (Washington, D.C. MSA) with the help of a loan provided by M&T Realty Capital Corporation. Developed in 2001 with low-income housing tax credits, this community has 150 units and was owned by a private local investor. It offers one- and two-bedroom unit options, and there are amenities such as a fitness center, billiards table, beauty salon and entertainment room, among others.
Greysteel represented the seller in the transaction, which resulted in a $27.25 million, or $181,000 per unit, purchase price. M&T’s Matthew Hodson arranged a $17.1 million Fannie Mae Multifamily Affordable Housing loan to fund the deal. There was a 10-year term and fixed interest rate of 2.58%, with ten years of interest-only payments. This represents the second affordable seniors housing acquisition for Avanath in Sterling and fourth overall in Virginia.
