RealtyShares Funds Renovations for 344-Unit Orlando Community
- Dec 19, 2016
Orlando—RealtyShares has announced that its community of investors has raised $2.3 million to recapitalize and fund the renovation of Avesta Bridgewater, a 344-unit apartment community in Orlando’s Azalea Park submarket.
The deal is sponsored by Avesta Communities, a vertically integrated multifamily owner-operator specializing in apartments serving middle-income renters. The company acquired the property below its appraised value from Blue Rock Premier Properties for $30 million in June, according to Yardi Matrix. Berkadia Commercial Mortgage facilitated a $24.6 million Fannie Mae acquisition loan on behalf of the buyer.
“We think crowdfunding is an industry with significant long-term growth potential, and Avesta is committed to growing our base of capital partners through this new vertical,” said Andre Gonzalez of Avesta in a prepared statement. RealtyShares’ ability to serve as the intermediary between sponsors and investors maximizes efficiency, and allows Avesta to focus on adding value to our communities and capital partners.”
Built in 1973, Avesta Bridgewater is located on a 17-acre parcel at 2490 South Conway Road and comprises 38 two- and three-story buildings with one- and two-bedroom residences averaging 972 square feet. Property amenities include a fitness center, business center, clubhouse, tennis and volleyball court, three swimming pools, two spas, three laundry facilities, as well as 700 parking spaces. Avesta plans to renovate the property to allow the asset to compete with higher-end properties in the local market.
“With the flexibility to raise minor, non-controlling equity interest in deals like Bridgewater, RealtyShares demonstrates value to deal sponsors looking to supplement their capital relationships,” added Bryan Schultz, vice president of equity investments at RealtyShares. “In addition, it creates value for the private investment community by providing access to deals that are typically reserved for institutional investors.”