California-based Avanath Capital Management is acquiring a 250-unit apartment tower at the City Point Center in Downtown Brooklyn for $100M.
The purchase price is roughly what the seller, the Brodsky Organization, paid for the 23-story building at 7 DeKalb Ave. when it bought the property from developers Acadia Realty Trust, Washington Square Partners and BFC Partners in 2017.
Rent stabilization covers about 80% of the units in the building, part of the 1.8M SF City Point development.
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