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Avanath-Oak Tree JV Acquire Affordable Apartment Portfolio in Brooklyn

NEW YORK CITY—The deal is the third time Avanath and Oak Tree have partnered on multifamily property acquisitions in Kings County.

By John Jordan | johnjordan | Updated on May 22, 2017

One of the 17 properties acquired by the Avanath-Oak Tree partnership is 306 Prospect Place in Prospect Heights in Brooklyn. One of the 17 properties acquired by the Avanath-Oak Tree partnership is 306 Prospect Place in Prospect Heights in Brooklyn.

NEW YORK CTIY—Institutional fund manager Avanath Capital Management, LLC of Irvine, CA has expanded its housing portfolio in the Northeast with the purchase of a 198-unit affordable rental housing portfolio in Brooklyn for $73 million from a private investor.

Avanath Capital acquired the portfolio of 17 apartment buildings in a joint venture partnership with New York-based Oak Tree Management. The properties are located in Prospect Heights, Crown Heights, Williamsburg, and Bedford-Stuyvesant and include 115 rent-stabilized units, 79 free-market units, and four commercial spaces. Average monthly rents in the newly acquired assets range from $1,700 to $2,500, which is approximately half the cost of rental comps in Brooklyn, which average $3,000 to $5,000 a month, the company states.

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