Avanath Capital Management, a private real estate investment manager specializing in affordable and workforce housing, recently purchased Silver Springs, a 251-unit apartment complex in Kent.
The company bought Silver Springs, 22416 88th Ave. S., for $32.2 million from a private developer.
Built in 2000, Silver Springs, which was 98 percent occupied when acquired by Avanath, has a pool and spa, washers and dryers in most apartments, storage units and garages. Avanath plans to upgrade the clubhouse and leasing center.
Silver Springs is the firm’s first acquisition in the Pacific Northwest.
“The Seattle metro is booming with potential, making it a highly competitive market that is extremely attractive for investors,” John Williams, president and chief investment officer of Avanath, said in press release. “The market’s growing technology sector, mass transit infrastructure and manufacturing industry are driving employment in this region, which translates to enormous demand for affordable housing.”
Since 2008, Avanath has invested in more than 35 affordable and workforce housing properties across the U.S., targeting metropolitan markets with economic growth.
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