Avanath purchases $315m portfolio in Brooklyn
Avanath Capital Management has acquired its 100th asset: a mixed-use portfolio containing two multifamily properties with ground-floor retail space in Brooklyn, N.Y., for $315 million. The two buildings in the mixed-use portfolio are located at 38 6th Avenue (pictured) and 535 Carlton Avenue in Brooklyn.
The portfolio, comprising 601 affordable and market-rate residential and commercial units, qualifies for New York City’s Rent Stabilization program.
“Increasing housing accessibility is critical to Avanath’s mission as we acquire our 100th property,” said Daryl Carter, founder, chairman and CEO of Avanath. “We are assuming ownership of these buildings as New York City faces a growing affordable housing crisis. 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.”