Investment And Management Firm Buys Arizona Apartments

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The Editors's picture
Investment And Management Firm Buys Arizona Apartments

A real estate investment and management firm has purchased Coronado Crossings apartments, a 320-unit garden-style complex located on 19 acres in Chandler, Arizona for $58 million, according to a release. 

"Arizona is a great market and the City of Chandler has tremendous potential for growth," Luke Kline, Director of Acquisitions for Avesta said in the release.  "We look forward to serving the citizens of Chandler and helping residents of Coronado Crossing live abundantly."

A Tampa-based vertically integrated firm, Avesta creates lasting value to investors through a resident-focused mission. Avesta plans to fully renovate the property, upgrading all interior units and improving community amenities for residents to enjoy. 

Improvements planned for the apartments

"Coronado Crossings represents another great opportunity for Avesta to continue to add value and diversification for our investors," Avesta Partner Joe Facchini said in the release.

"We are making improvements to the community while enhancing the service to residents."

Located along The Price Corridor, the community is well-situated to capitalize on the region's recent growth.

Last year, Intel announced plans to invest $7 billion to finish a facility in Chandler first started in 2011 which will create 3,000 jobs and adding an immediate boost to the local economy. The close proximity to downtown Chandler, Chandler Fashion Center, and upscale dining also make it an ideal location for the residents of Avesta's newest acquisition. 

Avesta deployed more than $119 million of equity into eight communities across four states last year. 

The company now operates in four high growth states: Arizona, Colorado, Florida, and Texas. Avesta currently manages a portfolio worth more than $1 billion, serving over 30,000 residents. Avesta will continue to bolster its presence in existing markets and is actively seeking opportunities to expand in new regions. The recent additions to the firm's team have provided the experience and talent needed to expand with purpose in targeted areas. The team of over 340 professionals is well positioned for continued growth throughout 2018. 

About Avesta: For two consecutive years, Avesta has been named by FORTUNE and Great Place to Work as a "Best Medium Workplace," ranking in the top 20 nationally for 2017. Avesta's mission is to give people a home where they can live abundantly and create more community in the world. striving to be the world's most resident-focused company, Avesta creates lasting value and serves each of its stakeholders; teammates, investors, vendors, communities, and most importantly, its residents. Avesta is a fully integrated real estate investment and management firm that, since 2010, has acquired nearly 15,000 apartment homes and manages a portfolio of communities in excess of $1 billion throughout Florida, Texas, Colorado, and Arizona. The vertically-integrated company handles acquisitions, property management, construction, and portfolio management. 

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