McKinley-Avanath Expands Florida Workforce Housing Platform in GainesvilleDecember 1, 2015
McKinley's Institutional Residential Real Estate Division is pleased to announce that it has acquired Fairmount Oaks Apartments on behalf of Avanath Affordable Housing II, LLC. Fairmount Oaks is a 172 unit apartment community located in Gainesville, Florida.
Fairmount Oaks offers immediate access to I-75 and is conveniently located adjacent to dining, entertainment and shopping at The Oaks Mall and Butler Plaza. Shands Medical Center and the North Florida Regional Medical Center are minutes away from the community, which offers quality workforce housing for these essential workers. The community features expansive grounds with mature oaks, and ample walking trails. It also offers very spacious floor plans including full-size patios with floor to ceiling glass, and in-home laundry.
"We are excited to add Fairmount Oaks to the high quality portfolio of communities that Avanath has acquired in Central Florida," stated Royal E. Caswell III, McKinley’s Managing Director, Institutional Residential Real Estate. “This addition builds upon our long-standing experience in the Gainesville market and allows us to offer an incredible value to meet the need for workforce housing” Caswell added.
“Fairmount Oaks Apartments is a perfect addition to our portfolio of affordable housing communities that provide homes for the growing workforce at Shands Medical Center, the University of Florida and in Gainesville. With our partners at McKinley, we will make enhancements to Fairmount Oaks that will enrich the quality of life for our residents,” stated Daryl Carter, Chief Executive Officer.
McKinley-Avanath is actively involved in the management of workforce housing communities located in Gainesville, Orlando, Cary, Chicago, Ann Arbor, Kissimmee and Naples for its own investment platform as well as for select institutional clients.