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| 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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