An investment firm that acquires, owns, renovates and operates affordable, workforce and value-oriented apartment communities across the U.S. made a $34.25 million purchase in Denver.
Avanath, according to public records, purchased Fox Crossing, a 220-unit affordable housing community at 8350 E. Yale Ave.
It purchased the community from Legacy Partners.
Dan Woodward, David Potarf and Matt Barnett of CBRE’s Denver office and Spencer Hurst, Tim Flint and Taylor Froland of CBRE Affordable Housing in Seattle represented the seller.
“Fox Crossing appealed to investors because it combines affordable housing with a highly desirable location. The property is within the Cherry Creek School District, close to two light-rail stations and located right along the Cherry Creek Trail. With affordable housing in strong demand in Denver, Fox Crossing is anticipated to continue to operate at or close to 100% occupancy going forward,” said Woodward.
Built in 1997, Fox Crossing comprises 11 buildings on 12.79 acres, featuring a mix of one-, two- and three-bedroom units that average 941 square feet.
Community amenities at Fox Crossing include a basketball court, business center, outdoor picnic area and barbecue, outdoor swimming pool and community garden.
It operates under the Section 42 Low Income Housing Tax Credit program.
Fox Crossing underwent several capital improvements prior to its sale.
“Over the past three years, our team completed several communitywide upgrades that focused specifically on sustainability – from energy-efficient LED lights to the installation of low-flow water fixtures and appliances,” said Spencer Stuart, senior managing director at Legacy. “We’re proud of the fact that the property is expected to reduce water consumption by over 2.76 million gallons per year.”