Avanath Capital Management has made one of the largest single asset transactions of the year in Los Angeles County this year, buying two multifamily properties encompassing 669 units for $220M, the latest purchase in firm's nationwide strategy of acquiring affordable housing assets.

Northmarq arranged the sale of the Santa Rosalia and Santo Tomas Apartments in the Baldwin Village neighborhood of LA to Avanath from seller Upside Investments. According to terms of the sale, the deal allows the buyer to provide the residents a long-term affordable housing solution.

"Avanath recognized the opportunities that exist with the property as they combine market-rate and Income Restricted Affordable housing to the community. With more than one-million square feet of land, the future of this asset will serve as a model for large-scale housing in the city," said Vince Norris, a member of Northmarq team on the transaction, in a statement.