
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
- ◦Sale/Acquisition