A partnership between Avanath Capital Management and Oak Tree Residential has picked up the Harbor Pointe apartments in Fort Lauderdale for $11.5 million. Trading for $338,235 per unit, the 34 unit property comes with boat slips. Built in 1976 and renovated in 2006, the asset was 100 percent leased at the time of the sale. Avanth is an Irvine, California-based institutional fund investor in affordable and workforce housing. The company also announced its acquisition of a 339-unit rental property in Seattle, Washington, called The Lodge at Peasley Canyon.
“Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” stated John Williams, president and chief investment officer of Avanth.
