AUSTIN, TX - Avia Equities, a recently formed real estate investment firm with offices in Los Angeles and Dallas, completed the sale of The Wayman apartment community in Austin as part of an investment sale which delivered above-market returns to Avia and its investment partners during a challenging and turbulent capital markets environment.
“We believe that our conservative and disciplined approach allowed us to successfully execute our strategy from start to finish, as we navigated the challenges of COVID-related restrictions, labor shortages, construction material price increases and more recently, a significant market slowdown,” said Mike Mortazavi, Managing Principal at Avia Equities.
The Wayman consists of 284 one- and two-bedroom, garden-style apartment units and is located along Wells Branch Parkway in North Austin. Over 20 months, a substantial value add program was implemented including replacing roofs and windows, painting the building exteriors, enhancing community amenities, and rebranding the property from “Ridgecrest” to “The Wayman.”
"We are very pleased with our bottom-line results in the light of the market challenges," Mortazavi said. "We believe that our investment management experience over multiple economic cycles allows us to identify favorable investments where we can successfully deliver outsized results to our partners."
About Avia Equities: Avia Equities is a real estate investment firm focused on opportunistic and value-add investments in select high-growth markets across the United States. Avia’s leadership team collectively has over five decades of experience in real estate investment management with an established track record of profitably investing, managing and harvesting real estate debt and equity transactions across diversified asset classes on behalf of institutional capital partners, family offices, and individual investors. To learn more, visit www.aviaequities.com