Menlo Manor at 161 Inman Ave. in Edison — Courtesy: Avanath Capital Management
By Joshua Burd
An investment firm has acquired an affordable senior housing complex in Edison, its second acquisition in New Jersey this year.
Avanath Capital Management on Monday announced its purchase of Menlo Manor, a 240-unit property at 161 Inman Ave., along with a 33-unit workforce housing community in Fort Lauderdale, Florida. The Irvine, California-based firm paid a combined $29.36 million for the assets through its institutional fund, Avanath Affordable Housing III.
Alex Medeiros of CBRE represented the seller of the Edison property, Jeff Spragens.
“We are focused on acquiring and preserving affordable and workforce housing assets in strong growth markets across the country, including areas across the East Coast,” said John Williams, Avanath’s president, later adding: “Both of these acquisitions will allow us to maintain housing affordability in these cost burdened areas, as well as amass economies of scale to drive down operating costs, and better serve residents.”
The deal in Edison follows the firm’s acquisition earlier this year of Centennial Court, a 101-unit senior apartment community in Wharton. In the New Jersey and New York area, Avanath now has a total of 1,045 units.
Williams said Menlo Manor, which was built in 1980, is “extremely well-maintained and located in an exceptionally strong submarket.” The complex has layouts ranging from studios to two-bedrooms, with amenities including a large community room and exterior courtyard, library, dining area and community kitchen.
“Edison has historically benefited from its proximity to New York City, and continues to outperform other areas of central New Jersey,” he said. “Because of this, there is an extremely strong demand and need for affordable housing options for seniors throughout the area.”
“This is why we strategically acquire properties that are located in areas near major urban centers and amenities. In fact, Menlo Manor is located in close proximity to Interstate 287, major employment hubs, retail centers, schools and medical institutions, among other amenities,” he added. “This allows us to provide deeply affordable housing to seniors in areas where it is most needed.”
