Avanath Capital Management has acquired a mixed-use portfolio containing two multifamily properties with ground-floor retail space in Brooklyn, for $315 million. The portfolio consists of 601 affordable and market-rate residential and commercial units and 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," CEO Daryl Carter says in prepared remarks. Thirty-seven percent of the portfolio comprises units that are regulated to serve residents with incomes between 40% and 100% of area median income.
The company plans to complete energy-saving upgrades within the units that comply with New York City's energy ordinances and offer social impact programming for residents, such as after-school programs, computer and technology training, and community forums with elected officials and other government leaders.
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