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’
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’