Avesta Announces $62M Acquisition of Miami Apartment Community
Acquisition underlines the Company’s continued expansion in South Florida.
Miami, FL, April 30, 2017 --(PR.com)-- Avesta, a multifamily investment and management firm, announced today it has acquired a 402-unit property in Miami, FL for $62 million. Avesta Biscayne is located in North Miami on the corner of Biscayne and 123rd. In addition to its central position near a wide variety of commerce and entertainment, the community is only three miles away from beautiful North Miami beach.
“Miami is a diverse market with consistent population growth and a healthy economy,” said Neal Herman, Avesta Director. “We’re excited about the trajectory of real estate fundamentals in North Miami as the submarket continues to attract new businesses as well as entertainment amenities. We are committed to building Avesta’s presence in Miami and the greater South Florida market.”
The acquisition was partially funded through Avesta’s partnership with RealtyShares, a leading crowdfunding platform. The partnership set a record in raising $3.5 million across 550 investments. Proceeds from the capital raise will be used for both the acquisition and renovations of Avesta Biscayne. The acquisition adds to Avesta’s sizable 1,000 plus portfolio in South Florida.
Avesta Biscayne offers a mix of one and two-bedroom apartment homes, while providing a gated entrance with a 24-hour security guard, two swimming pools, a fitness center, a tennis court, a dog park, and a laundry facility on every floor.
Avesta has begun a $4.2 million capital improvement program, to improve the quality of the interior units while also enhancing the exterior amenities. To provide desirable amenities to current and future residents, Avesta plans on upgrading the pools and fitness center, while adding an outdoor kitchen and a coffee lounge.
To learn more about Avesta Biscayne please visit http://www.avestabiscayne.com/.
About Avesta: Since 2010, Avesta acquired 12,000 apartment homes throughout Florida and Texas. Avesta will continue to actively purchase and redevelop multifamily communities in Florida and Texas during 2017. 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.
“Miami is a diverse market with consistent population growth and a healthy economy,” said Neal Herman, Avesta Director. “We’re excited about the trajectory of real estate fundamentals in North Miami as the submarket continues to attract new businesses as well as entertainment amenities. We are committed to building Avesta’s presence in Miami and the greater South Florida market.”
The acquisition was partially funded through Avesta’s partnership with RealtyShares, a leading crowdfunding platform. The partnership set a record in raising $3.5 million across 550 investments. Proceeds from the capital raise will be used for both the acquisition and renovations of Avesta Biscayne. The acquisition adds to Avesta’s sizable 1,000 plus portfolio in South Florida.
Avesta Biscayne offers a mix of one and two-bedroom apartment homes, while providing a gated entrance with a 24-hour security guard, two swimming pools, a fitness center, a tennis court, a dog park, and a laundry facility on every floor.
Avesta has begun a $4.2 million capital improvement program, to improve the quality of the interior units while also enhancing the exterior amenities. To provide desirable amenities to current and future residents, Avesta plans on upgrading the pools and fitness center, while adding an outdoor kitchen and a coffee lounge.
To learn more about Avesta Biscayne please visit http://www.avestabiscayne.com/.
About Avesta: Since 2010, Avesta acquired 12,000 apartment homes throughout Florida and Texas. Avesta will continue to actively purchase and redevelop multifamily communities in Florida and Texas during 2017. 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.
Contact
Avesta
Rachel Ridley
813-444-1529
www.avesta.com
Rachel Ridley
813-444-1529
www.avesta.com
Contact
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