Avanath Capital Management Acquires Two Seniors Housing Communities for $23.8M

Vistas at Lake Largo Vistas at Lake Largo

UPPER MARLBORO, Md., and WHARTON, N.J. — Avanath Capital Management has acquired two seniors housing communities totaling 211 units for $23.8 million.

The communities include Vistas at Lake Largo, a 110-unit community in Upper Marlboro acquired for $15 million, and Centennial Court, a 101-unit community in Wharton acquired for $8.8 million.

The purchases were made through the investment manager’s Avanath Affordable Housing III institutional fund. The Centennial Court acquisition marks the company’s entry into the New Jersey market.

Avanath plans to upgrade the Maryland property’s clubhouse, fitness center, hallways and common areas, and install keyless entry, LED lights, fresh paint and landscaping.

Centennial Court is a four-story building constructed in 1997. The affordable community was 98 percent occupied at the time of sale. Avanath plans to install safety features and cosmetic repairs at the community.

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