Avanath acquires high-rise apartment Community in Brooklyn for $101m

Avanath Capital Management has acquired 7 DeKalb, a 251-unit multifamily property located in the Brooklyn borough of New York City, New York for $101.25 million.

The asset was acquired off-market from the seller, The Brodsky Organization, represented by Newmark

The acquisition of the 18-story high-rise community, purchased with equity from Avanath’s Renaissance Fund, is aligned with the firm’s mission to develop, own, and operate communities in growing submarkets that provide quality housing to residents of all income levels.

Amenities include a fitness center, children’s playroom, tenant lounge, cinema center, large outdoor roof deck, and ample storage space.  7 DeKalb is part of a 700,000 square-foot mixed-use development, City Point, the largest single structure mixed-use development in NYC.

“With a walk score of 99, a transit score of 100, and several food, shopping, and entertainment options on site, 7 DeKalb offers housing in an unmatched D