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.