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| 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
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