Avesta Nabs Orlando Portfolio for $32M
- May 25, 2017
Multifamily owner and operator Avesta has acquired a 354-unit multifamily portfolio in Orlando for $32 million. The company rebranded and operationally merged the two communities—the 180-unit Altamonte Villas and the 174-unit Palms at Altamonte Springs—creating East Pointe at Altamonte. Walker & Dunlop arranged a $22.4 million Freddie Mac loan on behalf of Avesta, according to Yardi Matrix. PRG Real Estate was the seller.
Located in the East Altamonte Springs submarket of Orlando, East Pointe at Altamonte is situated near a wide array of retail and entertainment options, including Uptown Altamonte and Cranes Roost Park. The newly merged property offer a mix of studios, one- and two-bedroom residences, as well as townhomes. Amenities include two swimming pools, a fitness center, sports court, dog park, laundry facilities and ample parking. Avesta Communities manages East Pointe at Altamonte, and the two communities were 97 percent occupied prior to the sale, according to Yardi Matrix data.
As part of Avesta’s strategy to reposition the community, the firm has commenced a $5 million renovation program to modernize the interior units and upgrade the exterior aesthetics of the property and its amenities.
“The East Altamonte Springs submarket is a perfect fit for our investment thesis, underlined by declining vacancies and more than 20 percent rent growth over the last three years. We are confident that continued population growth in the Central Florida region will continue to drive demand for multifamily assets,” Rachel Ridley, partner at Avesta, said in a prepared statement.
The acquisition adds to the company’s growing presence in Central Florida, which currently includes more than 1,500 apartment homes.
Photos courtesy of East Pointe at Altamonte website