Avanath Snaps Up Seattle Workforce Housing
Affordable housing investor Avanath Capital Management recently acquired two workforce assets, the Lodge at Peasley Canyon, a 339-unit property in Seattle, and Harbor Pointe, a 34-unit property in Fort Lauderdale, for a total of more than $84M. Avanath president and chief investment officer John Williams tells us there's a limited supply and virtually unlimited demand for affordable and workforce housing in the Seattle market.
A recent Axiometrics report ranked Seattle as the third-highest market for annual effective rent growth in the nation, driving considerable demand for much needed affordable and workforce housing.
Also, John says, "the Lodge at Peasley Canyon is one of the highest-quality workforce housing options in the area, and will serve as one of the most affordable alternatives to new luxury apartments. So there's a tremendous opportunity to maintain high occupancy and generate consistent cash flow from this asset, resulting in strong risk-adjusted returns."
Built in 2004, the property isn't without amenities, including a pool and spa, fitness center, modern kitchens, and washers and dryers in most units. Avanath plans to renovate Lodge at Peasley Canyon by enhancing the clubhouse and with light upgrades to the interior units, kitchens and bathrooms.