IRVINE, CA—Affordable-housing investment is viewed by many institutional investors as a niche sector that also meets socially responsible investing, yet it is hardly a niche, Avanath Capital Management's founder, chairman and CEO Daryl Carter tells GlobeSt.com. As we reported earlier this month, the firm announced the final close of both its “Avanath Affordable Housing III” and “Avanath III NY Co-Investment” Funds with $388 million in equity commitments.
“Combined, the funds are one of the largest affordable housing funds in the country, enabling us to further our investment strategy of acquiring and preserving affordable housing assets in supply-constrained markets with high barriers to entry that are poised for strong job, income and economic growth,” John Williams, president and chief investment officer for Avanath, said in a prepared statement.
With this closing, Avanath has almost doubled its equity commitments from its Fund II, which had its final closing of at $200 million in July 2015.
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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.
