RealtyShares raised $2.3m to recapitalize and fund the renovation of Avesta Bridgewater apartments in Orlando’s Azalea Park submarket. The deal is sponsored by Avesta Communities, which acquired the property below its appraised value from Blue Rock Premier Properties for $30m this past June. Avesta funded the purchase with a $24.6m Fannie Mae acquisition loan facilitated by Berkadia Commercial Mortgage. Built in 1973, the 344-unit Avesta Bridgewater is located on a 17-acre site at 2490 South Conway Road and features 38 two- and three-story buildings. Avesta plans to renovate the property to allow the asset to compete with higher-end properties on the local market.
“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,” said Andre Gonzalez of Avesta. “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.”
