Source: Avesta Communities / #Multifamily #Communities
PALM SPRINGS, FL - Avesta Communities announced that it has completed the acquisition of the Vista Pointe apartment community, which has been renamed Avesta Coronado Springs. The 314-unit multifamily apartment community, located in Palm Springs, Florida, presents Avesta with significant opportunity to implement quality management practices and property upgrades.
"The implementation of a value-add program and improving market conditions in Palm Beach County will yield favorable returns," said Managing Director Scott Bigham. "The South Florida market is growing rapidly and we are pleased to be expanding our presence in the area."
"We believe our operating expertise combined with outstanding resident service will result in a successful venture for our investors and a quality living experience for our residents," said Managing Director Rachel Ridley "Our repositioning experience rivals the industry's best. We have high expectations for Avesta Coronado Springs."
Avesta Coronado Springs, developed in 1971, is the second Avesta Palm Beach market-based community and is located in the Lake Worth/Palm Springs submarket approximately 2.5 miles northwest of Avesta Costa Del Lago (a 218-unit community acquired in July 2013). The submarket features a strong middle-market family demographic spread across heavily populated areas with nearby access to Interstate 95 and two major employment hubs, West Palm Beach and Boca Raton.
Avesta Communities is a multifamily investment and management firm based in Tampa, Florida. Avesta engages in the acquisition, redevelopment, repositioning, ownership, and operation of middle market housing communities. Avesta's strategy is to provide value to residents and investors by fundamentally transforming under-performing multifamily communities in strategically located metropolitan centers.