Avanath Capital Management has acquired the Novato Portfolio, two LIHTC (low-income housing tax credit) rental apartment properties encompassing 297 units in the Bay Area submarket of Novato.
The acquisition, made with equity from the firm's Renaissance Fund and debt financing through CBRE and Fannie Mae, expands Avanath's affordable housing footprint in the Bay Area, where it has now acquired 18 properties.
"There's a significant need for affordable housing in the greater San Francisco market," said Daryl Carter, Avanath CEO, in a statement.
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