AUSTIN, TX – Wildhorn Capital, LLC, a leading multifamily investment firm in Central Texas markets, has successfully completed the acquisition of Avesta Lake Creek, which is now being operated as The Baxter at Westwood. Located in thriving Northwest Austin, The Baxter is a 350-unit asset built in 1983.
Located just off Highway 183 near Westwood High School, the Baxter’s location is perfectly situated to take advantage of the dynamic growth in employment, dining and other lifestyle opportunities seen along the Austin-Cedar Park corridor.
From Managing Partner Andrew Campbell, “The Baxter represents the exact type of asset we are looking for--safe and stable location in a strong market with value-add reposition upside. We are excited about adding this asset to our portfolio and thrilled with the opportunity it has created for our investors. Staying in our backyard and hometown of Austin is always a plus.”
This is Wildhorn’s second acquisition in the Austin area in the last 12 months, and brings the total portfolio to over 1570 units valued at over $175,000,000 in San Antonio and Austin.
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.
Avesta Communities, in partnership with New York-based GRJ, has purchased "Arbors at Carrollwood", an apartment home community off Ehrlich Road in the Carrollwood neighborhood just north of Tampa. The Arbors is a 390-unit fractured condo community, which will be managed by Avesta's in-house property management division, Avesta Homes.
Arbors at Carrollwood offers one to three-bedroom apartment homes, a swimming pool, a waterfall hot tub, an expansive fitness center, clubhouse and business center, garages, boat parking, tennis court, dog park, and picnic areas for residents to enjoy.
"We see Tampa as an emerging and strengthening market," said Gregory Jones of GRJ, a real estate company that owns, develops and operates multi-family and mixed-use assets. "We're excited about this purchase and working with Avesta to provide a superior apartment living experience for our residents."
Avesta plans on a multimillion-dollar capital improvement program, enhancing the already high quality of the property by making interior renovations to various common areas, as well as the apartment homes.
"We are excited to expand even further in the Tampa Bay market," said Avesta partner, Rachel Ridley. "The economy here is flourishing, with a fast-growing job market and booming population, which are outpacing the national average."
With the addition of this new apartment home community, Avesta now owns more than 1,500-units in the Tampa Bay area. Arbors at Carrollwood is conveniently located near Avesta's Tampa support office near North 56th Street and Hillsborough Avenue.
