STERLING, Va. — Avanath Capital Management has acquired Cascades Village, a 150-unit affordable seniors housing community in the Washington, D.C. suburb of Sterling, for $27.2 million.
“Avanath was attracted to Sterling because home pricing and existing market-rate product in the market are unaffordable to lower income renters, resulting in a significant demand for affordable rental units in the area,” says John Williams, president and chief investment officer of Avanath Capital Management. “Cascades Village is located only 2.5 miles away from our affordable community, Acclaim at Sterling, and this proximity will allow for immediate operational efficiencies upon acquisition.”
Built in 2001 on 5.7 acres, Cascades Village is a three-story community that is restricted to residents ages 55 and older and is 98.7 percent occupied.
Avanath is planning to implement a value-add strategy to the property, which includes adding tenant wellness services and senior activity planning and improvements to the common areas and amenity spaces.
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