Avanath CEO Daryl Carter Talks OZs And Housing Before Bisnow’s LA Opportunity Zones Event

Los Angeles County has 274 census tracts designated for opportunity zones. In these zones, 230 multifamily projects have been proposed, with 68 others underway. What do OZs mean for the future of development in LA? That question and more will be discussed at Bisnow’s upcoming LA Opportunity Zones event Aug. 13. Register here for the event. 

Opportunity zones have developers and investors eyeing parts of Los Angeles that have previously been overlooked. But for Avanath Capital Management CEO Daryl Carter, it is business as usual. 

“Opportunity zone legislation was created to encourage positive change in areas that have traditionally been underserved by capital, and that has always been part of our mission at Avanath,” Carter said. 

Avanath already owns several multifamily properties located in OZs, and according to Carter, the new regulations are inspiring the investment firm to further explore the potential of these burgeoning areas. Bisnow got a preview of what Carter will be discussing at Bisnow’s LA Opportunity Zones event Aug. 13.

Name: Avanath Capital Management founder and CEO Daryl Carter

City: Irvine, California 

Years in the industry: 38 

Bisnow: Why is Bisnow’s upcoming LA Opportunity Zones event so important to you and what will you be talking about?

Carter: I believe that these forums are a great place for thought leaders to gather and share best practices for investing in these important areas. 

At the event, I plan to discuss Avanath’s strategy, which is focused on the multifamily sector, as well as our personal OZ fund. We own about 80 apartment complexes in 44 cities across the U.S., and 11 of the communities they are located in are opportunity zones. Of those 11 communities, we’ve located six where we can add more density and redevelop our properties.

A large part of OZ investing involves finding new assets. Since we already control assets in OZs, I believe we are a less risky investing choice than some other funds. 

Bisnow: How would you describe what you do for Avanath Capital Management?  

Carter: I am the founder and CEO of Avanath. We acquire, renovate and preserve affordable and workforce housing in markets that have been underserved by institutional capital and are often overlooked by investors. 

Bisnow: In your opinion, what impact do you think the opportunity zone program will have on real estate development in LA?

Carter: Hopefully, the OZ program will move capital into areas that I believe have great long-term potential like South Central Los Angeles. Much of the development in LA has been focused on the west side and downtown, but I hope that there will be a rebirth of real estate development in overlooked areas thanks to the program. 

Bisnow: Outside of your work, what are you most passionate about? 

Carter: I am passionate about advocating for the affordable housing industry politically and encouraging our lawmakers to do more to solve the affordable housing crisis. Recently, I testified for the House Financial Services Committee about adding affordable housing to the infrastructure bill. 

I’m also an avid sports fan, I love to play golf and I have two teenage children who are great athletes themselves, so I can often be found at their games. 

Bisnow: Finally, if someone reading this wants to do business with you or your organization, what's the best way they can reach you?

Carter: Avanath is based in Irvine. Anyone who is interested in learning more about what we do can contact me or any of my team members through our website at www.avanath.com.