TAMPA, Fla., Feb. 16, 2017 /PRNewswire/ -- Avesta, a rapidly growing multifamily investment and management firm, announced its performance results today. The firm, with apartment homes across Texas and Florida, experienced a year of tremendous growth as it continued to execute effectively on its investment, operational and financing strategies.
Avesta leveraged growing investor demand and strengthening real estate fundamentals across its core markets to grow its platform. In addition to opening two new company offices in Dallas and Austin, over the last 12 months Avesta acquired 2,165 apartment homes across seven multifamily assets, worth $255 million in gross asset value. As a result, the firm realized a 33 percent increase in the total number of assets owned and managed over the same period. Avesta is quickly approaching $1 billion in total assets under current ownership, underlining its ongoing commitment of being a leading owner and operator of quality apartment communities across Texas and Florida markets.
On the heels of Avesta's first multifamily fund, which closed in 2015, Avesta raised its second investment fund during 2016. To date, this $44 million equity fund has investments in a collection of assets worth over $255 million, with investments in approximately $58 million worth of additional assets expected to close in the first quarter of 2017. Avesta expects to deploy fully the second fund's capital by this fall.
"Our second investment fund follows the same blueprint as our first multifamily fund," said Rachel Ridley, an Avesta Partner. "By partnering with co-investment equity, our first fund was able to invest and diversify $20 million into $363 million of multi-family assets comprising over 3,500 apartment homes across Florida and Texas."
In addition to impressive portfolio growth, Avesta received national recognition with its designation as a Fortune Top 100 Medium-Sized Workplace. This is the most extensive survey in corporate America, and nearly 200 employees responded that 97 percent feel a sense of pride in their work, 96 percent feel like part of a family or team, and 96 percent say that employees care about each other. Avesta has established itself as an employer of choice, with employee headcount growing approximately 30 percent in the last 12 months.
"Avesta has been deliberate in putting virtues over talent to hire the right people to compose a world-class, interdependent team built upon domain knowledge and passion for area of focus, ability to change and innovate, united commitment and loyalty to our mission and goals, and a deep desire to make a big difference in society," said Robert Reynolds, President of Avesta. "Being recognized by Fortune as one of the nation's top workplaces is a testament to the caliber of the teammates here who have earned this. It is our collective team that has been the driving force behind our success in providing people homes where they can thrive and 'live abundantly' in their communities."
About Avesta: 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: teammates, capital partners, vendors, communities, and most importantly, its residents. Since 2010, Avesta has acquired over 12,000 apartment homes throughout Florida and Texas. Avesta will continue to actively purchase and redevelop multifamily communities in Florida and Texas during 2017. Avesta is a vertically integrated company, handling acquisitions, property management, construction management and portfolio management in-house.
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