Virginia

STERLING, Va. — Avanath Capital Management has acquired Cascades Village, a 150-unit affordable seniors housing community in the Washington, D.C. suburb of Sterling, for $27.2 million. “Avanath was attracted to Sterling because home pricing and existing market-rate product in the market are unaffordable to lower income renters, resulting in a significant demand for affordable rental units in the area,” says John Williams, president and chief investment officer of Avanath Capital Management. “Cascades Village is located only 2.5 miles away from our affordable community, Acclaim at Sterling, and this proximity will …

VIRGINIA BEACH, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. This acquisition and renovation represents an investment of approximately $22 million and includes capital improvements at the 186-unit property. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. “Older adults, many of whom are on fixed incomes, often find themselves priced out of the neighborhoods that they have been a part of for …