Avanath Enters the Opportunity Zone Game

Daryl J. Carter

Avanath Development has entered the opportunity zone race. The firm has launched a qualified opportunity zone fund with a target raise of $300 million, which the firm plans to hit in the next six months. Avanath is a seasoned affordable housing and market-rate multifamily developer and has already been active in several opportunity zone markets.

“We have built a business about investing in markets that have been underserved by institutional capital,” Daryl J. Carter, chairman of Avanath Development, tells GlobeSt.com. “We started looking after the sites were finalized as opportunity zones, and we realized that of our 70 communities, there were roughly 15 to 18 that were in opportunity zones. When we started looking at the potential, we had three properties we had considered for redevelopment, and we realized that those deals penciled for opportunity zone investors.”