Avanath Capital Management LLC, a multifamily owner and operator that primarily focuses on affordable and workforce housing, acquired Rivers Senior, a 120-unit affordable seniors housing community in West Sacramento, California, for $19 million, or $158,300 per unit. The deal marks Avanath’s 19th acquisition in Northern California and its 13th property in the greater Sacramento area. Avanath acquired the community in an off-market transaction with the seller, with whom Avanath had previously purchased numerous Sacramento-area assets.
Rivers Senior was built in 2008 utilizing the California Tax Credit Allocation Committee’s LIHTC and with bond financing via multiple agencies. Additionally, the assets benefit from the state of California’s Welfare Tax Exemption. The community features 96 one-bedroom and 24 two-bedroom units, 60 of which are reserved for residents at 50% of area median income (AMI) and 59 units of which are reserved for residents at 60% of AMI. It was 98% occupied.
The community also offers unit amenities including dishwashers, private balconies/patios, garbage disposals and in-unit washer/dryer connections. Common amenities include a clubhouse, leasing office, business center, library, fitness center, heated swimming pool, community garden, laundry facilities and gated entry. Avanath will manage the property and plans to implement several capital improvements at the property, including replacing the roofs and boilers.
