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Avanath pays $72M for 2 Chicago-area affordable multifamily communities

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Avanath pays $72M for 2 Chicago-area affordable multifamily communities

Avanath Capital Management LLC, through an institutional fund, bought a pair of affordable multifamily properties containing 668 units in the Chicago metro area for about $72.2 million, RE Journals reported.

The Irvine, Calif.-based affordable housing investment firm paid $63 million for the Hinsdale Lake Terrace community at 16W150 Honeysuckle Rose Lane in Willowbrook, Ill., which contains 582 units, a 3,400-square-foot recreational center occupied by at-risk-youth nonprofit group The Community House, and other features.

Avanath also paid about $9.2 million for the 86-unit, six-story Drexel Court community at 6140 S. Drexel Ave. in Chicago, with plans to upgrade both properties, the publication noted.