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.
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