Avesta and GRJ Invest in Apartment Homes in Tampa Bay

TAMPA, Fla., Nov. 7, 2016 /PRNewswire/ -- 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 56^th Street and Hillsborough Avenue.

About Avesta:  Since 2010, Avesta has acquired over 11,000 apartment homes throughout Florida and Texas.  Avesta will continue to actively purchase and redevelop multifamily communities in Florida and Texas during 2016.  Avesta is a vertically integrated company, handling acquisitions, property management, construction management and portfolio management in-house.  Avesta's mission is to give people a home where they can live abundantly and create more community in the world. By striving to be the world's most resident-focused company, Avesta creates lasting value and serves each of its stakeholders: teammates, capital partners, vendors, communities, and most importantly, its residents.

About GRJ: GRJ is a Manhattan-based owner/developer/operator focused on acquiring multi-family and mixed-use assets. The company owns a portfolio of real estate in Manhattan, Brooklyn, Philadelphia, New Jersey and Florida.  GRJ was founded in 2010 by Graham & Gregory Jones.

Media Contact:
Rachel Ridley
813.444.1529; [email protected]

Photo - http://photos.prnewswire.com/prnh/20161104/436396
Photo - http://photos.prnewswire.com/prnh/20161104/436397

SOURCE Avesta Communities

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