Avanath Capital Management has acquired Arbors at Cary in Cary, North Carolina, as part of its Opportunity Zone platform.

Avanath Capital Management has completed the acquisition of Arbors at Cary, a 248-unit affordable housing community in Cary, North Carolina.

The firm plans to redevelop the apartment community under the Opportunity Zone program, according to Wesley Wilson, chief financial officer at Avanath.

“This is our first acquisition within the Opportunity Zone fund legislation,” says Wilson. “The goal of this investment is to improve low-income communities in designated Opportunity Zones and to defer and reduce current taxes and provide long-term tax-free investment gains for qualified investors. Our Opportunity Zone platform is designed to acquire quality affordable/workforce housing assets in strong growth markets that need expansion and/or renovation. Arbors at Cary is a prime example of this.”

Avanath, a multifamily owner and operator that focuses on market-rate and affordable housing, acquired the development for $19.2 million.

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