CHANDLER, AZ – Avesta Communities announced the recent acquisition of Coronado Crossings, a 320-unit garden-style apartment complex located on 19 acres in Chandler, AZ. Located just south of Phoenix, the community is Avesta's first acquisition in Arizona.
"Arizona is a great market and the city of Chandler has tremendous potential for growth," says Luke Kline, Director of Acquisitions. "We look forward to serving the citizens of Chandler and helping residents of Coronado Crossing live abundantly."
A Tampa-based vertically integrated firm, Avesta creates lasting value to investors through a resident-focused mission. Avesta plans to fully renovate the property, upgrading all interior units and improving community amenities for residents to enjoy.
"Coronado Crossings represents another great opportunity for Avesta to continue to add value and diversification for our investors," says Avesta Partner Joe Facchini. "We are making improvements to the community while enhancing the service to residents."
Located along "The Price Corridor," the community is well-situated to capitalize on the region's recent growth. Last year, Intel announced plans to invest $7 billion in a new facility in Chandler, creating 3,000 jobs and adding an immediate boost to the local economy. The close proximity to downtown Chandler, Chandler Fashion Center, and upscale dining also make it an ideal location for the residents of Avesta's newest acquisition.
Avesta deployed more than $119 million of equity into eight communities across four states last year. The company now operates in four high growth states: Arizona, Colorado, Florida, and Texas. Avesta currently manages a portfolio worth more than $1 billion, serving over 30,000 residents. Avesta will continue to bolster its presence in existing markets and is actively seeking opportunities to expand in new regions. The recent additions to the firm's team have provided the experience and talent needed to expand with purpose in targeted areas. The team of over 340 professionals is well positioned for continued growth throughout 2018.