ORLANDO, Fla., Aug. 22, 2016 /PRNewswire/ -- Avesta Communities announced today the purchase of "Andover at Winter Park," a 348-unit apartment home community in Orlando, Florida. The community will be rebranded as Avesta Winter Park and will be managed by Avesta Homes. Avesta Winter Park is located several miles from downtown Winter Park and is zoned for all "A" rated schools.
Avesta will begin a multimillion-dollar capital improvement program including the renovation of both the interior and exterior of the community. Currently, the community offers numerous amenities, including a dog park, a fitness center, a business center, and a community pool. Avesta plans to expand these amenities by adding a splash pad, a second dog park, and a summer kitchen.
"We are pleased to find this expansive 26-acre community in one of the most desirable locations in Orlando," said Joe Facchini, Avesta Partner. "This area's population is expected to grow by seven percent in the next four years, and the unemployment rate in Winter Park is the lowest in the entire Orlando market. All of this means Avesta Winter Park should benefit long-term from a strong renter base."
Avesta Winter Park is the newest property to be owned and operated by Avesta in the Orlando area. This latest acquisition brings the total number of Avesta apartment homes in the market to nearly 1,200. Other Avesta owned and operated properties include Avesta Bridgewater, located southeast of downtown Orlando, which was acquired in June.
"Avesta's vision is to be the world's most resident focused company," said Rachel Ridley, Avesta Partner. "Our goal is to serve 50,000 residents by 2019. The acquisition of Avesta Winter Park brings us closer to reaching that goal."
About Avesta: Since 2010, Avesta acquired over 10,000 apartment homes throughout Florida and Texas. Avesta will continue to actively purchase and redevelop multifamily communities in Florida and Texas during 2016. 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.
SOURCE Avesta Communities