Avanath Acquires Apartment Tower at Brooklyn’s City Point MXU
Los Angeles-based Avanath Capital Management, LLC, a private real estate investment management firm, has acquired 7 DeKalb, a 251-unit multifamily property in Brooklyn, for $101.25 million. Located at 7 DeKalb Ave., 7 DeKalb is part of a 700,000-square-foot mixed-use development, City Point.
The acquisition of the 18-story high-rise community is aligned with Avanath’s mission to develop, own, and operate communities in growing submarkets that provide quality housing to residents of all income levels, according to Daryl Carter, the firm’s founder, chairman and CEO.
“This was an excellent opportunity to add a high-end apartment community to our portfolio, which enables us to provide quality housing to residents who might otherwise be priced out of this neighborhood, at below replacement cost,” said Carter.
The asset was acquired off-market from the seller, The Brodsky Organization, represented by Newmark, and involves the assumption of a loan provided by Fannie Mae and Wells Fargo
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).