Avanath Capital Management and Oak Tree Residential paid $11.5 million to acquire Harbor Pointe, a 34-unit rental housing property in Fort Lauderdale. Avanth is an Irvine, California-based institutional fund investor in affordable and workforce housing.
Avanth and its joint-venture partner Oak Tree paid $338,235 per unit for Harbor Pointe, which features boat slips and such interior finishes as marble floors, according to ReBusiness Online.
The Fort Lauderdale rental property, built in 1976 and renovated in 2006, has a 100 percent occupancy rate.
The Avanth-Oak Tree venture plans to improve the fitness center and the storage areas at Harbor Pointe.
Together with the Harbor Pointe acquisition, Avanth also announced its acquisition of a 339-unit rental property in Seattle, Washington, called The Lodge at Peasley Canyon.
“Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” John Williams, president and chief investment officer of Avanth, said in a prepared statement. [ReBusiness Online] – Mike Seemuth