Avanath Buys Affordable Community in Maryland for $11.3M

EDGEWATER, Md. — Avanath Capital Management has acquired Victoria Park at Edgewater, a 102-unit affordable seniors housing community in Edgewater.

Avanath paid $11.3 million for the property, which is located east of Washington, D.C. near Chesapeake Bay.

“The asset’s location in close proximity to major metros including Washington D.C. and Baltimore and the limited supply of affordable housing in the area will continue to drive long-term demand for the property,” says Ben Finley, national head of acquisitions at Avanath. “In fact, the property is currently 100 percent occupied with a waiting list of more than 200 individuals.”

Victoria Park at Edgewater features a mix of one- and-two-bedroom units along with a variety of community amenities for seniors including billiards/game room, central laundry facilities, computer lab, fitness and wellness center, library, outdoor patio, theatre and entertainment center, and two elevators.

“We plan to make some interior and exterior renovations to the property including new LED lighting, new paint and landscaping, upgrades to the entertainment room, and the installation of barbecue grills,” says Finley. “We also plan to add Amazon lockers for residents.”