Two Orlando-area rental properties sell for $32 million

The new owner, Tampa-based Avesta, plans to spend $5 million on renovations

East Pointe at Altamonte
East Pointe at Altamonte

Tampa-based apartment investment firm Avesta paid $32 million for two Orlando-area rental apartment properties with a total of 354 units.

Avesta merged the operations of the two properties in the Altamonte Springs suburb of Orlando, Altamonte Villas and Palms at Altamonte, and rebranded them as East Pointe at Altamonte.

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.

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“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.