Search
 

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.