On the heels of its largest-ever buying spree in 2022, Irvine-based apartment investor Avanath Capital Management LLC has shelled out $101.3 million for a 251-unit project in New York.
The Brooklyn community, called 7 DeKalb, was purchased with equity from Avanath’s Renaissance Fund, an open-ended fund that serves as the company’s sole investment vehicle for new affordable and workforce housing acquisitions.
7 DeKalb includes a mix of units for those making between 40% and 130% of the area median income, as well as market-rate units.
“The acquisition of this mixed-income community allows us to invest in a flourishing submarket that provides an elevated lifestyle within reach for all residents,” Founder, Chairman and CEO Daryl Carter said.
Brooklyn has been an active market for Avanath as of late; the firm made its largest acquisition to date last May when it spent $315 million for a pair of mixed-use communities in the borough from Greenland USA. The properties include the 308-unit 38 Sixth and the 298-unit 535 Carlton.
Avanath now counts 852 units in Brooklyn.
For more on Avanath’s growing portfolio, read the profile featured in the Jan. 9 issue of the Business Journal.
