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IRVINE, CA—With explosive jobs growth, population gains and large rent increases, as well as proximity to a top-tier research institution, Boulder, CO, has caught the eye of Orange County-based investor, Avanath Capital Management, the firm's VP acquisitions Ann Caruana tells GlobeSt.com. As we recently reported, Avanath has acquired Depot Square, a 71-unit, class-A, LEED-Gold-Certified, transit-oriented, affordable-housing property located directly across the street from the 330,000-square-foot office campus that Google is developing in Boulder.
This is the firm's first acquisition in Colorado. As an institutional fund manager with more than $1 billion in affordable and workforce-housing assets, Avanath is actively acquiring and preserving affordable housing in supply-constrained markets with long-term growth fundamentals such as Boulder. This acquisition exemplifies the firm's value-add, long-term investment strategy.
According to the company, the affordable-housing crisis is moving inland; Boulder is one of the most cost-burdened markets in Colorado and has emerged as a very tech-centric market. We spoke with Caruana about the Boulder market, the firm's affordable-housing strategy and other trends she is noticing in affordable housing.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
