Tampa, FL – Avesta Communities announced today that it has completed the acquisition of the former Woods of Mandarin apartment complex located in Jacksonville, Florida. The 401-unit apartment community has been renamed Avesta Mandarin.
Avesta Mandarin, developed in 1974, is located within the prestigious Mandarin submarket near I-295. The 21-acre property is in the Mandarin High School District, one of the top public high schools in Jacksonville. The community offers residents spacious floor plans, including one and two bedroom apartments as well as two swimming pools, lighted tennis courts, a playground, and a picnic area.
“A comprehensive renovation program and operational turnaround will allow for full long-term value maximization,” said Avesta’s Managing Director Scott Bigham. “We will do this by implementing a long term capital improvement plan and immediate interior and exterior renovations.”
“The Mandarin submarket boasts high income levels, low vacancy, and solid rent potential,” said Avesta’s Managing Director Rachel Ridley. “We believe this asset is positioned to benefit from its strategic location near employment and retail centers. It fits perfectly within our investment strategy and increases our footprint in the Jacksonville market.”
“Avesta Mandarin will have the full attention of our industry-leading management team. Tim Mumpower, First Coast Apartment Association’s (FCAA) Regional Maintenance Director of the Year, and Marty Petrie, FCAA’s Regional Property Manager of the Year, will provide residents with a top quality living experience,” said Avesta’s Senior Director Dan French.
About Avesta Communities
Avesta Communities is a fully integrated multifamily investment and management firm based in Tampa, Florida. Avesta engages in the acquisition, redevelopment, repositioning, ownership, and operation of middle market housing communities. Avesta’s strategy is to provide value to residents and investors by fundamentally transforming under-performing multifamily communities in strategically located metropolitan centers.
Further information is available at www.avestacommunities.com.