Avanath Capital Management has purchased Rivers Senior, a 120-unit affordable senior housing community in West Sacramento, Calif., for $19 million. St. Anton Capital sold the property in an off-market transaction, according to Yardi Matrix data.
The acquisition brought Avanath’s portfolio to a total of 13 assets in the Greater Sacramento area and 19 in Northern California. The community was 98 percent occupied at the time of sale.
Rivers Senior comprises 60 units designated for residents earning 50 percent of the area median income and 59 units for residents earning 60 percent of AMI. The age-restricted community benefits from the State of California’s Welfare Tax Exemption and was built using the California Tax Credit Allocation Committee’s LIHTC, with bond financing via multiple agencies.
Completed in 2008, the community encompasses nine buildings with one- and two-bedroom floorplans ranging between 687 and 961 square feet. Common-area amenities include a swimming pool, a fitness center, a clubhouse, a library, a community garden, laundry facilities and some 140 parking spaces.
The new ownership will manage the property internally. Avanath plans to implement several capital improvements, such as replacing the roofs and boilers, as well as adding LED lighting and completing other energy-saving projects.
Located at 705 Dorothy Adamo Lane, in an Opportunity Zone, the community is just 2.5 miles west of downtown Sacramento, in an area with several dining options, retail centers and entertainment venues.
