Sunday, May 21, 2017

Avanath Capital Management Doubles Brooklyn Footprint; Acquires 17-Building Affordable Housing Portfolio for $73 Million

John Williams
 BROOKLYN, NY – Avanath Capital Management, LLC, an institutional fund manager that has invested over $1 billion in affordable and workforce housing properties throughout the United States, has acquired an affordable housing portfolio of 17 apartment buildings totaling 198 units in Brooklyn, New York for $73 million. 

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

“This portfolio presented a rare opportunity to gain a substantial stake in one of the most dynamic markets in the nation,” explains John Williams, President and Chief Investment Officer of Avanath. 

“Brooklyn’s explosive economic growth, population gains, and cultural renaissance are driving an influx of investment capital to this market, which consistently ranks as one of the most expensive places to live in the U.S.”

Located in the rapidly growing neighborhoods of Prospect Heights, Crown Heights, Williamsburg, and Bedford-Stuyvesant, the properties include 115 rent-stabilized units, 79 free-market units, and 4 commercial spaces.

Average rents in these assets range from $1,700 to $2,500 - roughly half the cost of rental comps in the Brooklyn submarket, according to Williams.

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

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

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