Tampa, FL, September 29, 2015 --(PR.com
)-- Avesta Communities announced today that it has completed the acquisition of the Mainsail South apartment complex, located in South Tampa on 4711 S. Himes Avenue. The community, renamed Avesta Bay Crossing, is comprised of 321 garden-style apartment homes across 23 buildings.
Managing Director Rob Reynolds notes, "Since the beginning, Avesta has been a company determined to grow through our virtues. We have been able to establish a strong operational foundation through our dedicated focus on virtues such as Love, Integrity, and Stewardship. We are ecstatic to have the privilege to bring the Avesta experience to more Tampa residents, to provide more homes where they can live abundantly, and to enrich more lives through a deepened sense of community.”
The community is Avesta’s first acquisition in South Tampa, the city’s most sought-after and affluent residential neighborhood. Avesta Bay Crossing is one of the neighborhood’s few housing options in the area priced at a reasonable point for entry-level professionals and middle-income renters. Senior Director, Bert de Alejo, adds, “We are very excited about this new addition to the Avesta family. With our rapid growth throughout Florida, Texas and beyond, the Tampa market has provided an excellent base to both our home office and many communities throughout the greater area, now including South Tampa. Avesta is committed to the highest level of service to both our current and future residents, along with our teammates, and Avesta Bay Crossing is the next opportunity to provide that service as we continue to expand nationwide.”
Carl Gates, Senior Director of Acquisitions states, “I would like to extend our gratitude towards the seller, Mainsail Lodging and Development, for their professionalism and upholding the highest standards of the industry throughout the deal process. Avesta partnered with Berkadia Commercial for financing and is appreciative of their diligent and deliberate approach to help secure strong financial terms.”
Operations Manager, Clint Miller, notes, "We are excited about our newest acquisition of Avesta Bay Crossing. We are looking forward to continuing to add value to Avesta Bay Crossing, ensuring that it remains a fixture in the South Tampa submarket." Avesta plans to implement an aggressive capital improvement strategy, budgeting $3.7 million for value-add projects over the next 5 years.
About Avesta Communities
Avesta is a rapidly-growing apartment investment and management firm based in Tampa, Florida. Since its founding in 2010, Avesta has acquired nearly 9,200 apartments throughout the Southeast, and has assembled a 200-person team drawn from the best companies worldwide. 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.