300 Marin Apartments Sold In $131.5M Deal

MARIN COUNTY, CA — A Southern California realtor paid $131.5 million for nearly 300 low-income Novato apartments.

Irvine-based Avanath Capital Management announced the purchase of Bay Vista at Meadow Park and Creekside at Meadow Park, the company said in a news release.

Both properties are over 98 percent occupied, the company said.

Avanath now manages over 3,000 units in Northern California and owns more than 800 units in the Bay Area.

The deal was first reported by The North Bay Business Journal.

Avanath invests in affordable, value-oriented properties, according to its website.

Bay Vista and Creekside provide housing for residents at rents between 30 percent and 60 percent of the area median income.

“There is a significant need for affordable housing in the greater San Francisco market,” Avanath Capital Management Founder, Chairman and CEO Daryl Carter said in a statement.

“There is a genuine affordable housing crisis, and we are determined in our mission to contribute to its resolution.”

Bay Vista is composed of 15 two-story buildings totaling 220 units, a leasing office that also serves Creekside, and a laundry building across 16.4 acres. The property offers two- and three-bedroom units, and property amenities include the day care center, a swimming pool, a spa, and picnic areas.

Creekside has 26 two-story buildings totaling 77 units with a day care center and playground across 7.81 acres. Creekside offers two-, three-, and four-bedroom floor plans.

The company said it plans to install washers and dries in each unit.

Other planned upgrades include installing LED lighting, electrical appliances, and electric water heaters to the Novato portfolio units, and the company said may add electric vehicle charging stations.

Both Bay Vista and Creekside offer a day care center for resident use.

Avanath said it plans to implement additional social programs for residents as part of the firm’s social impact initiatives.