U.S. real estate investment firm Avanath Capital Management has increased its footprint in Chicago with the acquisition of two affordable multifamily properties for 62.3 million euros ($72.2 million).
Avanath Capital said that it bought the properties which include the 582-unit Hinsdale Lake Terrace in Willowbrook and the 86-unit Drexel Court on behalf of the Avanath Affordable Housing III fund.
Hinsdale Lake Terrace was acquired for $63 million and Drexel Court Apartments was acquired for $9.2 million.
This acquisition increases Avanath Capital’s footprint in the region, bringing its portfolio in the Chicago metro to more than 840 units.