IRVINE, CA—Private investment firm Avanath Capital Management has acquired two affordable West Coast multifamily assets. Silver Springs is a 251-unit property in the Seattle metro suburb of Kent, WA. Oak Village, is a 117-unit property in Oakland, CA. Silver Springs is the multifamily specialist's first acquisition in the Pacific Northwest.

“The Seattle metro is booming with potential, making it a highly competitive market that is extremely attractive for investors,” explains John Williams, president and chief investment officer of Avanath. “The market's growing technology sector, mass transit infrastructure, and manufacturing industry are driving employment in this region, which translates to enormous demand for affordable housing. In addition, our Oak Village acquisition boasts a prime location in a market with access to thousands of jobs in the tech and financial industries. Given the strong correlation between job creation and rent increases, these acquisitions demonstrate our commitment to targeting markets where affordable housing is most needed.”

These two acquisitions constitute the last two assets purchased through Avanath Affordable Housing II, an institutional fund with $200 million in equity commitments. Avanath is currently working toward closing its third institutional fund.