Wednesday, June 29, 2016

Avanath Capital Management Expands Brooklyn Portfolio; Acquires Three Affordable Housing Communities

John R. Williams
BROOKLYN, NY – Avanath Capital Management, LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired an affordable housing portfolio of three apartment buildings in Brooklyn, New York. 

The properties were acquired in joint partnership with New York-based Oak Tree Management.

            “Brooklyn is experiencing explosive economic growth,” explains John Williams, President and Chief Investment Officer of Avanath Capital Management.

“The region’s mass transit options, historic community, and new development projects are driving investors and residents alike to Brooklyn, a market that is currently outpacing surrounding districts in rent growth. The result is increased pressure on renters, many of whom are already being priced out of expensive neighboring submarkets.”

According to a recent Elliman Report, Brooklyn saw a 4.5 percent rental increase from 2015 to 2016, surpassing Manhattan in rent growth and posting an average monthly rent of $3,134. Average luxury apartments in the area range from $2,700 to $5,000 per month for studio and one-bedroom units, according to Williams.

“As rents continue to surge throughout the greater New York region, demand for affordable housing options in Brooklyn are stronger than ever,” Williams confirms. “Located in the rapidly growing Bedford-Stuyvesant submarket, the three properties we acquired are positioned to capitalize on the continued demand from neighboring boroughs, while catering to the ever-increasing need for affordable housing.”

For a complete copy of the company’s news release, please contact:

Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

No comments: