RealtyShares today announced that its community of investors has raised $2.25 million to recapitalize and fund the renovation of Avesta Bridgewater, a 344-unit apartment community in Orlando, Fla.
The deal is sponsored by Avesta Communities, a vertically-integrated multifamily owner-operator specializing in apartments serving the middle-income renter. They recently acquired the property below its appraised value and plan to perform renovations that will allow it to compete with higher end properties in the local market.
“We are excited to partner with RealtyShares in our first crowdfunding project,” said Andre Gonzalez of Avesta. “We think crowdfunding is an industry with significant long-term growth potential, and Avesta is committed to growing our base of capital partners through this new vertical. RealtyShares' ability to serve as the intermediary between sponsors and investors maximizes efficiency, and allows Avesta to focus on adding value to our communities and capital partners.”
Per Avesta, the newest acquisition will be a sizable addition to their 1,000+ unit Orlando portfolio, located in one of the largest and fastest growing metropolitan areas in America. Avesta Communities report acquiring 12,000 apartments worth nearly $1 billion across Florida and Texas since the company was founded in 2010.
"With the flexibility to raise minor, non-controlling equity interest in deals like Bridgewater, RealtyShares demonstrates value to deal sponsors looking to supplement their capital relationships,” said Bryan Schultz, Vice President of Equity Investments at RealtyShares. “In addition, it creates value for the private investment community by providing access to deals that are typically reserved for institutional investors. It’s a pleasure to be able to offer an opportunity to invest with a partner as established as Avesta.”
To date, the RealtyShares network of investors has funded upwards of $200 million across more than 400 investment opportunities on the platform, funding residential and commercial projects in 31 states.
