ORLANDO, Fla., May 23, 2017 /PRNewswire/ -- Avesta announced today that it has acquired a 354-unit portfolio in the Greater Orlando market for $32 million. The Altamonte Springs portfolio adds to Avesta's growing presence in Central Florida, which currently includes over 1,500 apartment homes. Avesta has rebranded and operationally merged the communities in the portfolio, Altamonte Villas and Palms at Altamonte, as East Pointe at Altamonte.
East Pointe at Altamonte is located in the ideal, family-friendly submarket of East Altamonte Springs. The community is located near a wide variety of commerce and entertainment options, including Uptown Altamonte and Cranes Roost Park, Central Florida's premier outdoor event venue.
"We are proud to offer another Avesta community to the Orlando market," said Rachel Ridley, partner at Avesta. "The East Altamonte Springs submarket is a perfect fit for our investment thesis, underlined by declining vacancies and more than 20 percent rent growth over the last three years. We are confident that continued population growth in the Central Florida region will continue to drive demand for multifamily assets."
The East Pointe at Altamonte portfolio offers a mix of one and two bedroom apartment homes, including townhomes, and features the following amenities: two swimming pools, a fitness center, sports court, dog park, central laundry facilities and select covered parking.
As part of Avesta's strategy to reposition the East Pointe at Altamonte portfolio, it has commenced a $5 million renovation program to modernize the interior units and upgrade the exterior aesthetics of the property and its amenities.
To learn more about Avesta please visit www.avesta.com.
About Avesta: Since 2010, Avesta acquired approximately 13,000 apartment homes throughout Florida and Texas. Avesta will continue to actively purchase and redevelop multifamily communities in Florida and Texas during 2017. Avesta is a vertically integrated company, handling acquisitions, property management, construction management and portfolio management in-house. Avesta's mission is to give people a home where they can live abundantly and create more community in the world. By striving to be the world's most resident-focused company, Avesta creates lasting value and serves each of its stakeholders: teammates, capital partners, vendors, communities, and most importantly, its residents.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/avesta-announces-32m-portfolio-acquisition-in-central-florida-300461351.html