Avesta Communities Expands in Austin with Off-Market Apartment Home Acquisition

Austin, TX, June 11, 2016 --(PR.com)-- Avesta Communities announced today it has acquired “The Current,” a 300 apartment home community in Austin, Texas from Thrive, FP. The community will be rebranded as Avesta South Shore and will be managed by Avesta Homes.

Upon taking ownership of the community, Avesta will complete interior and exterior capital improvements. Residents currently have access to numerous community amenities including a cyber café, fitness center, dog parks, sand volleyball court, and a pool. The community is also conveniently located near a University of Texas bus stop.

“We are excited to be part of the East Riverside transformation,” said Joe Facchini, Avesta Partner. “This area of Austin is booming with the mixed-used South Shore District and the planned 27-acre Oracle technology campus located a mile away from Avesta South Shore.”

Avesta South Shore joins 1,700 other apartment homes owned and operated by Avesta in the Austin market.

“Austin is a strong Texas market with population and employment growth projections that significantly outpace the greater US,” said Rachel Ridley, Avesta Partner. “This growth is being driven primarily by the relocation of corporations to the city, a large millennial population, and rising homeownership costs. These factors are projected to keep market demand and occupancy high, even as developers rush to take advantage of Austin’s nation-leading fundamentals.”

About Avesta: Since 2010, Avesta acquired over 10,000 apartment homes throughout Florida and Texas. Avesta will continue to actively purchase and redevelop multifamily communities in Florida and Texas during 2016. Avesta is a vertically integrated company, handling acquisitions, property management, construction management and portfolio management in-house. Avesta’s mission is to give people a home where they can live abundantly and create more community in the world. By striving to be the world’s most resident-focused company, Avesta creates lasting value and serves each of its stakeholders: teammates, capital partners, vendors, communities, and most importantly, its residents.