27 October 2015
Brooklyn
Reporter: Becky Butcher

Avanath Capital acquires apartment portfolio


Avanath Capital Management has acquired a multi-family portfolio in Brooklyn, New York, in an off-market transaction.

The properties, which comprise four rent stabilised apartment buildings, were acquired in a joint partnership with Oak Tree Management for a total of $60 million.

The portfolio was purchased through Avanath Affordable Housing II, a fund with $200 million of equity commitments.

John Williams, president and chief investment officer of Avanath Capital Management, commented: "Brooklyn is a market with unbridled investment potential. Based on high growth throughout the region, rising market rents, and strong employment hubs both in Brooklyn and the surrounding boroughs, this acquisition is positioned to deliver strong risk-adjusted returns for our investors."

Williams explained: "Avanath's on going strategy is to acquire well-located assets in locations with high barriers to entry that will continue to deliver long-term stabilised cash flow, while also providing affordable housing options to residents throughout the area."

Avanath Capital Management worked closely with its JV partner, New York-based Oak Tree Management on the acquisition of this Brooklyn portfolio.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Kennedy Wilson Holdings completes $8 billion merger with European arm
20 October 2017 | California | Reporter: Theo Andrew
The $1.98 billion (£1.5 billion) deal equated to an offer of $15.49 (£11.74) per KWE share, a 20 percent premium on the $12.91 (£9.79) per share closing price on 21 April
Aviva acquires Bristol redevelopment
20 October 2017 | Bristol | Reporter: Becky Butcher
Aviva Investors has purchased the first phase of a redevelopment business park in Bristol for £30 million
Coyote names Rob Bould as non-executive director
19 October 2017 | London | Reporter: Theo Andrew
Rob Bould, who has 40 years of real estate experience, will help grow the data platform, which will track, manage and report the performance of real estate assets in real-time
Hammerson expands flagship Parisian shopping centre
19 October 2017 | Paris | Reporter: Theo Andrew
The 11,000-square metre property adjoins its Les Trois Fontaines centre, the firm’s recently refurbished flagship asset in Paris
SELF II reaches €500 million on third close
19 October 2017 | Paris | Reporter: Theo Andrew
The pan-European debt fund achieved the equity through institutional investors from France, Germany and Italy
Encore+ adds Dutch office for €50 million
18 October 2017 | Eindhoven | Reporter: Theo Andrew
The the pan-European open ended core-plus fund is co-managed by Aviva Investors and LaSalle IM, as fund manager and asset and transition manager, respectively
LGIM Real Assets lands Stansted hotel for £48.3 million
17 October 2017 | London | Reporter: Theo Andrew
The development, which was completed in July 2017, is the second hotel to be located on-terminal at Stansted Airport