AUSTIN – The 325-unit Anderson Springs Apartments has sold to Tampa-based Avesta Communities. CrestMarc divested of the property for an undisclosed price.
Initially built in two phases, in 1973 and 1974, CrestMarc purchased the property in foreclosure in 2011. The Dallas-based company, which specializes in multifamily property acquisition, rehabilitation and disposition, managed to reposition it to have strong occupancy and rent growth.
“Anderson Springs was an excellent fit for Avesta Communities, who has a focus on strategically located middle-market renter communities near relevant employment drivers,” says Jeff Rogers, of Transwestern’s Multifamily Capital Markets Group.
Anderson Springs is being rebranded as Avesta Agave Falls. Units range in size from efficient one-bedrooms to large two-bedroom apartments that contains a private patio and balcony. Amenities include two swimming pools, laundry facilities and a fitness center.
The purchase fits in well Avesta Communities’ portfolio.
“We believe Avesta Agave Falls is positioned well to benefit from solid long-term rental demand, high employment, and population growth,” says Scott Doyle, Avesta’s managing director. “It fits perfectly within our investment strategy and will increase our footprint and economies of scale in the Austin market for current operations and future acquisitions.”