Avanath Capital Management has acquired 38 6th Avenue, a mixed-use building in Brooklyn, NY, containing 303 units.
(Photo courtesy of Greenland)
Irvine, CA – Avanath Capital Management, LLC,
a private real estate investment manager and Registered Investment Adviser, has
acquired its 100th asset: a mixed-use portfolio containing two
multifamily properties with ground-floor retail space in Brooklyn, New York,
for $315 million.
The portfolio, comprising 601 Affordable
and market-rate residential and commercial units, qualifies for New York City’s
Rent Stabilization program.
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| Daryl J. Carter |
“Increasing housing accessibility is critical to
Avanath’s mission as we acquire our 100th property,” says Daryl J. Carter, Founder, Chairman, and CEO of Avanath.
“We are assuming ownership of these
buildings as New York City faces a growing affordable housing crisis.
"This
acquisition allows us to provide high-quality housing in an area of the country
where market-rate rents are notoriously high and the demand for budget-friendly
apartment homes is rising.”
According to Brooklyn Magazine and
based on data from New York City’s Department of City
Planning, Brooklyn’s population grew by 230,000 people
while just 78,300 housing units were added from 2010 to 2020.
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| John R. Williams |
Thirty-seven percent of the subject
portfolio comprises units that are regulated to serve residents with incomes
between 40% and 100% of area median income.
“With this rent-stabilized portfolio and its
several LIHTC-qualifying units, we identified an incredible opportunity to
provide elevated, affordable options to community members within this area,”
notes John R. Williams, President and CIO at Avanath Capital Management.
“We are expecting the portfolio’s high
occupancy to be maintained due to its ideal location, with public
transportation, employment centers, and several entertainment options all
nearby.”
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| Keith Harris |
“We are excited that the
acquisition of these two towers will be our opportunity to introduce Avanath
Communities to Brooklyn," says Keith Harris, Executive Vice
President of Acquisitions for Avanath.
"It is an exciting and transformative
time for New York City, where we already held 458 units across 26
properties—primarily in Brooklyn—before acquiring this new portfolio.
“This acquisition broadens our depth
considerably in the New York City market, where we now own 28 properties
totaling 1,059 units, and in the New York metropolitan area, where we now own
32 properties totaling 1,706 units.
 |
| John O’Connor |
“Our firm is always looking for ways to elevate
the lives of our residents, and we are accomplishing that with this portfolio
by focusing on four main ESG objectives,” says John O’Connor,
Acquisitions Director for Avanath.
“We will be completing energy-saving
upgrades within the units, complying with New York City’s energy ordinances,
investing in ‘green’ assets for the buildings, and offering social impact
programming for residents.”
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Avanath Capital Management has acquired 535 Carlton Avenue, a mixed-use building in Brooklyn, NY containing 298 units. (Photo courtesy of Greenland) |
The two buildings in the mixed-use portfolio are
located at 38 6th Avenue and 535 Carlton Avenue in Brooklyn,
New York.
CONTACTS:
Madison
Bridges / Lexi Astfalk
The Smart Agency
949-438-6262
mbridges@thesmartagency.com
www.avanath.com.
