TAMPA, Fla., Feb. 16, 2017 /PRNewswire/ — Avesta, a rapidly growing multifamily investment and management firm, announced its performance results today. The firm, with apartment homes across Texas and Florida, experienced a year of tremendous growth as it continued to execute effectively on its investment, operational and financing strategies.
Avesta leveraged growing investor demand and strengthening real estate fundamentals across its core markets to grow its platform. In addition to opening two new company offices in Dallas and Austin, over the last 12 months Avesta acquired 2,165 apartment homes across seven multifamily assets, worth $255 million in gross asset value. As a result, the firm realized a 33 percent increase in the total number of assets owned and managed over the same period. Avesta is quickly approaching $1 billion in total assets under current ownership, underlining its ongoing commitment of being a leading owner and operator of quality apartment communities across Texas and Florida markets.
On the heels of Avesta’s first multifamily fund, which closed in 2015, Avesta raised its second investment fund during 2016. To date, this $44 million equity fund has investments in a collection of assets worth over $255 million, with investments in approximately $58 million worth of additional assets expected to close in the first quarter of 2017. Avesta expects to deploy fully the second fund’s capital by this fall.