Avesta Ploughs $27M into Orlando

Newly renamed Avesta Winter Park, the 368-unit property will get a multimilllion-dollar makeover.
Avesta Winter Park

Avesta Winter Park

Orlando, Fla.—Avesta Communities has acquired Andover at Winter Park, a 348-unit community in metro Orlando. The property was sold by U.S. Bank for $26.8 million, according to Yardi Matrix.

Avesta Winter Park was built in 1969 and is located at 1743 Semoran North Circle in downtown Winter Park. It offers one- to three-bedroom floor plans ranging in size from 782 square feet to 1,357 square feet.

Now named Avesta Winter Park, the property will be managed by Avesta Homes. Furthermore, the new owner will begin a multimillion-dollar capital improvement program that will include the renovation of both the interior and exterior of the community. The current amenities include a dog park, a fitness center, a business center and a community pool. Avesta plans to upgrade them by adding a splash pad, a second dog park and a summer kitchen.

“We are pleased to find this expansive 26-acre community in one of the most desirable locations in Orlando,” Joe Facchini, Avesta partner, said in a statement. “This area’s population is expected to grow by 7 percent in the next four years, and the unemployment rate in Winter Park is the lowest in the entire Orlando market.  All of this means Avesta Winter Park should benefit long-term from a strong renter base.”

Image courtesy of Yardi Matrix