TAMPA, Fla., Feb. 10, 2014 /PRNewswire-iReach/ -- 2013 was an exceptional year for Avesta Communities LLC, a multifamily investment real estate company. Recognized as 2012's 5th biggest renovator in the country by Multifamily Executive magazine, Avesta continued to strategically acquire and renovate properties throughout the past year.
In 2013, Avesta added nine communities to its portfolio, acquiring 1,928 apartment homes totaling $82 million in new assets, and investing an estimated $8.5 million in capital improvements. New acquisitions in Texas transitioned Avesta from a Florida-based company to a national competitor. Avesta Communities is a fully integrated multifamily owner-operator specializing in apartments serving the middle-market renter. Avesta has acquired 7,000 units in the last three years, deploying $150 million in equity.
"In 2013, we refined a winning business platform that has Avesta poised to continue its ascension as an industry leader," said Chief Executive Officer and Managing Director Peter Reynolds. "Our model of providing top quality apartment homes to the middle market renter, while adding significant value to the lives of our residents, has proven highly successful. In 2014, Avesta will continue to expand and strategically acquire assets in targeted markets across the United States. As always, we will stay true to our mission to elevate humanity in all of our business services and to substantially improve the lives of our residents."
"We were early supporters of Avesta, and have continued to be an active part of Avesta's growth," said Key Bank Real Estate Capital Senior Vice President Robert Avil. "We have witnessed their operational improvements and significant portfolio growth. We look forward to playing a significant part in Avesta's future.
"While 2013 was another tremendous year of growth for Avesta Communities, I expect 2014 to provide for more lucrative investment opportunities," said Managing Director Scott Doyle. "We will continue to keep our focus on strong markets with long-term growth potential, while catering to middle market renters. As an award-winning apartment renovator, we will continue to improve our assets through targeted capital investments."
About Avesta Communities
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 approach is to provide value to residents and investors by fundamentally transforming under-performing multifamily communities in strategically located metropolitan centers.
Further information is available at www.avestacommunities.com.
Media Contact: James Hanson, Avesta Communities, 850 377 5410, firstname.lastname@example.org
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SOURCE Avesta Communities LLC