Avanath Snaps Up Brooklyn Apartment Portfolio for $315M
Irvine, CA-based Avanath Capital Management, LLC has acquired a mixed-use portfolio containing two multifamily properties with ground-floor retail in Brooklyn for $315 million. The two properties were built as part of the ongoing Pacific Park New York mixed-use project, Brooklyn’s largest development to date.
The portfolio, comprising 601 affordable and market-rate residential and commercial units, qualifies for New York City’s Rent Stabilization program. “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,” said Daryl Carter, founder, chairman and CEO of Avanath.
With 82,681 square feet of parking and 42,643 square feet of retail, the portfolio helps to diversify the properties under Avanath’s management, said Avanath president and CIO John R. Williams. Additionally, the buildings, adjacent to the Barclays Center, are the first Brooklyn-based properties to be managed by Avanath.
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).