San Antonio, TX, August 18, 2015 –(PR.com)– Avesta Communities announced today that it has completed its acquisition of the former Amesbury at Deerfield apartment complex located in North Central San Antonio, brokered by Patton Jones and Matt Michelson of ARA Newmark. The community, renamed Avesta Summit, is comprised of 284 apartment homes across 21 buildings and features two swimming pools, a lighted tennis court, and a 24-hour fitness center.
Daniel French, Senior Director, notes, “We are excited to add our new community, Avesta Summit, to our Avesta family. This acquisition expands our presence in San Antonio, allowing us another opportunity to serve our mission to create more community in the world and give people a home where they can live abundantly.”
This community is the multifamily owner-operator’s second acquisition in the San Antonio market. In February of this year, Avesta established its presence in the area with the purchase of Avesta ICON. Deal Lead, Ryan Reyes, notes, “Since acquiring Avesta ICON, Avesta executed a complete exterior renovation, and renovated over 100 units. Avesta will implement a similar capital improvement strategy at Avesta Summit.”
Located only minutes away from the South Texas Med Center & USAA, which collectively employ over 150,000 people, this community is poised for success. Senior Director, Bert de Alejo, adds, “San Antonio is a market that we feel very strongly about. It has a strong economy that is not only one of the fastest growing economies in the United States, but also one of the most stable. San Antonio’s economy is driven by the low business costs, rapid population growth, and most importantly its tremendous workforce, who we are excited to have the opportunity to further serve. We are looking forward to continuing to establish a strong and fruitful operation in San Antonio for years to come.”
Joshua Minix, Senior Director, states that “The deal teams worked very smoothly together. The seller, Westdale, is very professional and upholds the highest standards of the industry. Avesta hopes that this will be the first of many deals together. Avesta partnered with Arbor Commercial for financing and is grateful that Arbor worked tirelessly to provide financing on excellent terms.”
About Avesta Communities
Avesta is a rapidly-growing apartment investment and management firm based in Tampa, Florida. Since its founding in 2010, Avesta has acquired nearly 8,500 apartments throughout the Southeast, and has assembled a 200-employee team drawn from the best companies worldwide. Avesta’s business model is to apply industry best practices to properties that historically under-served, middle-income renters call “home.” Avesta’s mission is to give people a home where they can live abundantly and create more community in the world. By striving to be the world’s most resident-focused company, Avesta creates lasting value and serves each of its stakeholders: employees, capital partners, vendors, communities, and most importantly, its residents.