The Irvine, California-based firm is more than halfway towards its equity target for its latest affordable housing vehicle.
BY: EVELYN LEE
PUBLISHED: PERENEWS.com – 08 MAY 2014
Avanath Capital Management has held a second close on its second real estate fund, Avanath Affordable Housing II. So far, the fund has attracted $110 million in commitments, of which 85 percent is from existing investors, against a targeted fund size of $200 million. Limited partners in the vehicle include the Church Pension Group, which also invested in the firm’s first fund, as well as two banks, two insurance companies and a pension plan.