Avesta Continues Its Expansion in South Florida

avesta-sedona-village-expansion

PALM SPRINGS, Fla.Dec. 23, 2015 — Avesta announced today that it has completed its acquisition of the former Advenir Station at Springdale apartment complex located in the Village of Palm Springs. The deal was brokered by Still Hunter, III with Institutional Property Advisors (IPA), and Justin Ownby with Berkadia facilitated the Fannie-Mae financing. The community, renamed Avesta Sedona Village, comprises 151 apartment homes and features a swimming pool, elevator-served buildings, and outdoor barbecue areas.

Joshua Minix, Sr. Director of Investments, says “we are excited to acquire Sedona Village as we expand our Palm Beach portfolio.  This well-located and built community fits Avesta’s acquisition criteria precisely and will benefit tremendously from Avesta’s value-add program and economies of scale in the region.  Still, again, did an exemplary job from marketing through closing.  In addition, Justin and the team at Fannie Mae provided an extraordinary financing execution on excellent terms.  We look forward to acquiring many more deals like this in 2016.”

This community is the multifamily owner-operator’s third acquisition in Palm Beach County. Avesta Sedona Village is situated minutes from I-95, the Florida Turnpike, and Palm Beach International Airport.

Daniel French, Sr. Director of Operations, notes, “We are pleased to add Avesta Sedona Village to the Avesta family.  This acquisition further allows us the opportunity to serve our mission to create more community in the world and give people a home where they can live abundantly.”

About Avesta Communities

Avesta is a rapidly-growing apartment investment and management firm based in Tampa, Florida. Since its founding in 2010, Avesta acquired over 10,000 apartments throughout the Southeast, and assembled a 200-person team drawn from the best companies and universities worldwide.  Avesta’s business model is to apply industry best practices to communities 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.