Orlando, FL, June 08, 2016 --(PR.com
)-- Avesta Communities announced today it has acquired “The Park at Cambridge”, a 344 apartment home community in Orlando, Florida. The community will be rebranded as Avesta Bridgewater and will be managed by Avesta Homes.
Upon taking ownership of the community, Avesta will spend nearly $4 million in interior and exterior capital improvements and maintenance. Avesta Bridgewater amenities currently consist of two swimming pools, a playground, a fitness and business center, tennis and sand volleyball courts, and a pet play area.
“We are pleased to be able to make another investment in the Orlando area,” said Joe Facchini, Avesta Partner. “The multifamily market in Central Florida is an excellent place for us to grow because of the economic and population increases in the area. Cap rates are higher in Orlando than in other markets with similar projected growth. We believe this difference is due to the volatility in Orlando over the preceding decades. At Avesta, we are long-term investors who can withstand short-term volatility, so we are excited about expanding our presence in the Orlando market, delivering attractive returns to our investors, and serving more residents."
Avesta Bridgewater is located in southeast Orlando, two miles from Avesta Shore Club, an apartment community acquired by Avesta in 2015. Avesta also invested millions in the Shore Club community after purchase, and achieved stabilized pro forma rents within ten months of acquisition.
The Bureau of Labor Statistics projects Orlando’s employment growth through 2018 to nearly double the national employment growth rate. And according to multifamily and commercial real estate analysts, Orlando’s population growth will outpace national population growth three to one through 2019. Orlando’s Economic Development Department says through 2040, Southeast Orlando will add nearly 40-million square feet of office, retail, industrial, hospital and civic/government space.
Avesta believes this kind of growth will increase the demand for apartment homes in the region.
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.