Private investment firm Avanath Capital Management made its second acquisition of the year in the senior apartments sector, adding another Orange County, California property to its roster. The deal included a 261-unit community in Anaheim that was built in 2001 with seven garden-style buildings. Occupancy was near 100%.
Seattle-based Security Properties purchased the property in 2015 for $52 million, or $199,200 per unit, and 2020 financial documents show net operating income of $3.4 million. Now, they are selling the community for $87.5 million, or $335,250 per unit. Avanath plans on investing in capital improvements, including renovating the clubhouses and community spaces and adding a dog park.
The February acquisition featured an 85-unit affordable senior apartment community in Garden Grove, California. It sold for approximately $19.85 million, or $233,500 per unit. Avanath entered Orange County with the deal and now has two properties in the affluent county.
