Avesta Communities acquires second Orlando complex

An Orlando-based 348-unit apartment complex slated for rebranding as “Avesta Winter Park” was recently purchased by Avesta, an innovative Southeastern U.S. acquisition and property management firm with a vision for abundance through resident-focused community life.


 An Orlando-based 348-unit apartment complex slated for rebranding as “Avesta Winter Park” was recently purchased by Avesta, an innovative Southeastern U.S. acquisition and property management firm with a vision for abundance through resident-focused community life.

 

With the purchase of the property formerly known as Andover at Winter Park, the Avesta portfolio now includes approximately 1,200 apartment homes in the Orlando area. The company, with roots in Florida and Texas, also operates Avesta Bridgewater, located southeast of Orlando town center.

 

"We are pleased to find this expansive 26-acre community in one of the most desirable locations in Orlando," Avesta partner Joe Facchini said. "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."

 

Plans include renovation for both exterior and interior features. The community already features a dog park, fitness center, business facilities and a pool; Avesta expects to enhance the pool area with a splash pad, add another dog park, and create a summer kitchen facility.

 

"Avesta's vision is to be the world's most resident focused company," Avesta partner Rachel Ridley said. "Our goal is to serve 50,000 residents by 2019. The acquisition of Avesta Winter Park brings us closer to reaching that goal."

 

Since 2010, Avesta has purchased more than 10,000 apartment homes in Florida and Texas, with plans to continue multifamily purchasing and redevelopment activity.

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