CMP was honored to have at it's end of program luncheon, the guest speaker, Mr. Daryl Carter. Below is some information about Mr. Carter:
A year ago, my company, Avanath Capital Management, acquired Northpointe Apartments, a 528-unit apartment community built in the 1960s in Long Beach, Calif. It is an affordable property, located in a super ethnically diverse, working class neighborhood in North Long Beach, close to the cities of Compton and Paramount. The rapper, Snoop Dogg, grew up a couple of miles from our property.
It’s probably not an opportunity most apartment firms would pursue, but Northpointe is a great fit for us. Our business model is to acquire older properties in urban areas and upgrade them, while keeping them affordable. The average rent across our 35 apartment communities is just $1,100 per month.
We feel incredibly bullish on Long Beach and the positive effect that our redevelopment of Northpointe will have on the surrounding community. In fact, we’re putting more of our dollars into the local area. My two partners, John Williams and Jun Sakumoto, lead the charge to also acquire Seaport Village, a 358-unit property next door to Northpointe that is in the process of renovation. We now own 886 units in North Long Beach and have a total investment of $150 million in the area.