“Both of these acquisitions will allow us to maintain housing affordability in these cost burdened areas, as well as amass economies of scale to drive down operating costs, and better serve residents,” says Williams.

Menlo Manor is a 240-unit, five-story affordable apartment community for seniors in Edison, New Jersey. Constructed in 1980, the property is extremely well-maintained and located in an exceptionally strong submarket, according to Williams.

“Edison has historically benefited from its proximity to New York City, and continues to outperform other areas of Central New Jersey,” says Williams. “Because of this, there is an extremely strong demand and need for affordable housing options for seniors throughout the area.”

Williams explains that seniors want to be in dense regions that allow them to be close to their families.

“This is why we strategically acquire properties that are located in areas near major urban centers and amenities,” says Williams, noting that Menlo Manor is near Interstate 287, major employment hubs, retail centers, schools and medical institutions. “This allows us to provide deeply affordable housing to seniors in areas where it is most needed.”

The apartment community features a large community room and exterior courtyard, library, dining area, community kitchen, automatic front doors and various transportation services.

The property, located at 161 Inman Avenue in Edison, is comprised of a mix of studios, one-, and two-bedroom units. The seller, Jeff Spragens, was represented by Alex Medeiros of CBRE.

Coral Ridge Isles, 1400 NE 53rd Court, Fort Lauderdale, FL

Coral Ridge Isles, a 33-unit workforce affordable housing community at 1400 NE 53^rd Court in Fort Lauderdale, was acquired in partnership with Oak Tree Residential. Located in the Coral Ridge Isle neighborhood, Coral Ridge Isles is surrounded by large single-family homes, and is one of the only remaining apartment communities in the region that has not been converted to condos, according to Williams.

“This has resulted in significant demand for quality workforce housing in the area,” he explains. “In addition, much of the multifamily development throughout the Fort Lauderdale submarket has been focused on luxury multifamily communities that cater to residents that make in excess of $100K per year, creating a significant lack of affordable supply. Coral Ridge Isles provides the average working American throughout the region with quality and affordability.”

Avanath plans to implement a series of renovations to the property including upgrades to interior units, exterior renovations such as new paint and landscaping to improve the apartment community's appeal, as well as the addition of a fitness center and storage lockers, among other amenities.

“Our goal with all of our properties is two-fold,” says Williams. “We strategically implement renovations that will enhance the long-term value of the property, as well as improve the lives of our residents. By upgrading the units and integrating modern, up-to-date amenities, we can create affordable, high-quality living experiences for residents.”

The seller, a private investor, was represented by Kirk A. Felici of Marcus & Millichap.