Two Orlando-area rental properties sell for $32 million
The new owner, Tampa-based Avesta, plans to spend $5 million on renovations
Tampa-based apartment investment firm Avesta paid $32 million for two Orlando-area rental apartment properties with a total of 354 units.
The Tampa firm also has started a $5 million renovation of the merged rental property, located near Uptown Altamonte and an outdoor event venue called Cranes Roost Park.
“The East Altamonte Springs submarket is a perfect fit for our investment thesis, underlined by declining vacancies and more than 20 percent rent growth over the last three years,” Rachel Ridley, a partner at Avesta, said in a prepared statement.
East Pointe at Altamonte has one- and two-bedroom apartments, including townhouses, and has amenities that include two swimming pools, a fitness center, sports court and dog park, plus central laundry facilities.
Avesta has acquired about 13,000 apartments in Texas and Florida since 2010, including more than 1,500 apartments in Central Florida.