Avesta Sells $81 million Apartment Complex Portfolio

Tampa, Florida, October 28, 2014 (Newswire.com) - Tampa-based Avesta Communities has sold off an $81 million portfolio of apartment buildings throughout the state.

Tzadik Management of Miami announced its acquisition of the 2,199-unit portfolio on Wednesday. The price breaks down to $36,834 per unit.

Avesta, fueled largely by private investors, concentrates on workforce housing — older properties in outlying areas. In 2013, the company had acquired 8,000 units of Class B and Class C properties valued at over $300 million, largely in Florida, save for two in Austin, Texas.

The portfolio includes communities in Tampa, Winter Haven, Lakeland, Sarasota, Orlando, Jacksonville, Mount Dora and Eustis.

Here is a breakdown of the entire portfolio:
Jacksonville
Jacksonville Heights, 8050 103 rd Street, 173 units
Kings Trail, 3770 Toledo Road, 320 units

Tampa
Bella Mar, 12406 N 15th. St., 264 units
Del Rio, 5013 E Sligh Ave., 160 units
Lago Bello, 13533 Gragston Circle, 120 units

Orlando
Rolling Hills, 5402 Pine Chase Dr., 240 units

Lakeland
Lakeland Manor, 929 Gilmore Ave., 373 units

Sarasota
North Washington, 1877 19th St., 119 units

Winter Haven
Brandywyne, 418 19th St E, 82 units
Country Place, 3950 Country Place, 18 units
Landings, 102 Landings Way, 60 units

Mount Dora
Mount Dora, 3001 Northland Rd., 240 units

Eustis
Tanglewood, 2811 Ruleme St., 138 units

The sale of these properties realized a significant profit to Avesta, which purchased the properties over a three year period for approximately half the price it obtained upon sale. This sale positions Avesta to weather any downturns in the market, or to make strategic purchases as opportunities present themselves. Avesta accomplished this incredible success in less than four years, having started operations in 2011.