Avanath Capital Management Expands Orange County Portfolio With $11.75 Million Acquisition of Affordable Senior Housing Community

IRVINE, CA – Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has expanded its presence in the Orange County market with its third acquisition in the region this year. The firm acquired St. John’s Manor, a 36-unit affordable senior housing community in Costa Mesa, CA for $11.75 million.

This acquisition comes on the heels of Avanath’s acquisition of The Overlook at Anaheim Hills, a 261-unit senior housing community in Anaheim and The Grove Senior, an 85-unit senior housing community in Garden Grove.

“We entered the Orange County market earlier this year, and plan to continue to be extremely bullish in the region,” says John Williams, President and CIO at Avanath Capital Management. “Senior housing is an asset class that remains particularly of interest to us as it has been one of the best performing asset types within our portfolio throughout the pandemic.”

Avanath currently owns more than 13,000 units across the U.S., 2,550 units of which are age-restricted, senior apartments.

“There is an increasing need for affordable housing for seniors, especially in high priced areas of Orange County,” says Williams. “Baby Boomers, who a large percentage are expected to be reaching retirement age by 2030, will be looking to downsize and seeking quality options that are affordable like St John’s Manor.”

The property is located just one mile from the Pacific Coast and near major highways including the 55, 73, 405 and 1.

“Costa Mesa has continued to expand over the last decade and has a robust local economy, making the market extremely attractive,” explains Williams. “It is a walkable community that is close to major thoroughfares and features a variety of top retail and dining. In fact, South Coast Plaza, one of the nation’s largest shopping centers is in Costa Mesa, and the city was named as one of the best small towns for restaurants west of the Mississippi River in USA Today.”

Built in 1984 and renovated in 2007, St John’s Manor is currently 100% occupied.

“We plan to implement a series of improvements to the property that are aligned with our ongoing mission of delivering quality rental housing that is affordably priced,” says Williams. “The apartment community is in good condition but is ready for some minor upgrades, which we believe will enhance long term value and continue to attract residents over time.”

The property is located at 2031 Orange Avenue, Costa Mesa, CA 92627.

About Avanath Capital Management:
Avanath Capital Management is a privately-held, vertically integrated investment firm managing real estate and real estate-related investments generating risk-adjusted returns through current income and capital appreciation from its investments. The firm is also a Registered Investment Adviser and provides property management services through Avanath Realty, Inc. Founded by Daryl J. Carter, the Avanath management team averages 25 years of experience and has successfully guided investment funds in defining growth opportunities. Avanath professionals have real estate operating expertise and long-standing relationships with strong local, regional and national sponsors that can access investment opportunities aligned with Avanath's initiatives. More information is available at www.avanath.com


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