Avesta Communities, a property management company, has bought an apartment building in San Antonio, which was formerly known as the Amesbury at Deerfield complex. Patton Jones and Matt Michelson of ARA Newmark brokered the transaction, and financial details were not disclosed.
“The deal teams worked very smoothly together. The seller, Westdale, is very professional and upholds the highest standards of the industry. Avesta hopes that this will be the first of many deals together. Avesta partnered with Arbor Commercial for financing and is grateful that Arbor worked tirelessly to provide financing on excellent terms,” Joshua Minix, senior director of Avesta Communities, said in a prepared statement.
The deal is Avesta’s second acquisition in San Antonio; the company entered the market in February this year with the purchase of Avesta ICON. “Since acquiring Avesta ICON, Avesta executed a complete exterior renovation, and renovated over 100 units. Avesta will implement a similar capital improvement strategy at Avesta Summit,” stated deal lead Ryan Reyes.
Avesta Summit is located at 1955 Larkspur Drive, close to the South Texas Med Center & USAA, which employ for more than 150,000 people. The community consists of 284 apartment homes across 21 buildings with one-, two-, and three-bedroom units ranging in size from 545 square feet to 1,166 square feet.
Communal amenities include a business center, clubhouse, fitness center, barbecue/picnic area, clothes care facility, covered parking, lighted tennis courts, and two swimming pools. Unit amenities include fireplace, private patio/balconies, carpet flooring, walk-in closets, and vaulted ceilings.
Image courtesy of RENTCafé