Blunn Creek has 12 three-story multifamily structures and a community building.
AUSTIN, TX—Blunn Creek is a low-income housing tax credit multifamily community comprising 12 three-story structures and a community building. It was built in 2002.
Avanath Capital Management LLC recently acquired the 280-unit affordable housing community for $35.15 million. The property is 96.4% occupied and 98.6% preleased, with historical occupancy averaging 98% during the last three years.
“Avanath recognized this as an opportunity to purchase a sizable community in a superior location in a submarket with high demand for affordable housing and limited affordable housing options,” says John Williams, president and CIO of Avanath Capital Management.
Williams notes that according to Austin's Strategic Housing Blueprint, the city will need 60,000 new housing units for low-income families, plus another 75,000 market-rate units to meet its housing needs for the next decade.
The low-income housing tax credit is the federal government's primary program for encouraging the investment of private equity in the development of affordable rental housing for low-income households. Since its creation in 1986, this program has helped to finance more than 2.5 million affordable rental-housing units for low-income households, GlobeSt.com learns.
Avanath Capital Management LLC is a private real estate investment manager and registered investment advisor.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
