Avesta Communities announced today that it has completed its acquisition of the Laguna Oaks apartment complex located in Orlando, FL. The community, renamed Azul, consists of 360 apartment homes across 4 different floor plans. Azul features a lakeside swimming pool, onsite boat ramp, and boat storage.
Azul is poised for success with its location only minutes the Orlando International Airport and downtown Orlando. Additionally, the community is near the emerging Lake Nona Medical City which is anticipated to bring 30,000 jobs to the area by 2017.
Brooks Amster, Operations Manager, notes, “Azul is a great addition to the Avesta family. With this project, we have the opportunity to capitalize on being in an area with remarkable rent growth in one of the most promising real estate markets in the country. We have the chance to take what amounts to an entirely rebuilt community, polish it up and rebrand it through a value-add program, and run it to achieve its maximum potential. It’s a special community in a great market.”
Azul is Avesta’s largest acquisition in Orlando to date. The multifamily owner-operator plans to implement a long-term capital improvement strategy with interior and exterior renovations.
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 8,500 apartments throughout the Southeast, and has assembled a 200-employee team drawn from the best companies worldwide. Avesta’s business model is to apply industry best practices to properties that historically under-served, middle-income renters call “home.” 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: employees, capital partners, vendors, communities, and most importantly, its residents.