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Atlanta & Southeast  + Southeast  + Apartments  | 
City skyline view of downtown Raleigh high-rise buildings facing a park at twilight

Avanath Completes First OZ Fund Acquisition, Buys $19M Workforce Community in Cary

Avanath Capital Management, LLC, has completed the $19.2-million acquisition of the Arbors at Cary, a 248-unit affordable housing community in the Raleigh metro area of Cary, NC. PGIM Real Estate served as Avanath’s equity partner and lender.

The firm plans to redevelop the 1967- and 1971-constructed community under opportunity zone legislation, its first effort.

“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,” said Avanath CEO Wesley Wilson. “Our platform is designed to acquire quality assets in strong growth markets that need expansion and/or renovation.”

“When housing requires substantial renovations there are often few options to make the improvements while still serving the current community,” added Luke Apicella, VP at PGIM Real Estate. “We think participating in federal and local initiatives is an effective way to turn properties and/or locations that have fallen out of favor into places that thrive.”


Inside The Story

Avanath Capital Management’s Wilson

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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