Avesta Communities Expands FCP Partnership with South FL Acquisition of Summit Palms

TAMPA, Fla., March 8, 2018 /PRNewswire/ — Avesta Communities is pleased to announce the most recent addition to its third-party property management service with Summit Palms, a 352-unit garden-style apartment complex located on 9 acres in Lauderhill, FL – an area with high demand for this type of affordable, workforce housing with close proximity to urban Fort Lauderdale. The community marks the second management partnership with Maryland-based FCP which has acquired seven properties in Florida over the last 18 months. Avesta now manages over 1,100 apartment homes for third-party owners and plans to add 3,000 more in 2018.

"The expansion of our partnership with FCP through its acquisition of Summit Palms reconfirms the great value that our third party management platform is providing owners," says Clint Miller, Avesta’s director of business development. "We understand these workforce housing communities very well and based on this experience will be working with FCP to make physical improvements to the community and deliver our premier service to residents. We thank FCP for their partnership and look forward to continuing to build this relationship."

In operation since October, Avesta’s Community Management Platform allows all residents to benefit from the same living experience and customer service that has made Avesta communities successful across the country. Owners receive access to Avesta’s proprietary intelligence platform, which provides timely and accurate information to reduce mistakes and maximize efficiency, while its talent management philosophies have most recently earned Avesta recognition as a 2017 "Best Medium Workplace" by Fortune and Great Places to Work – ranking in the top 20 nationally.

Summit Palms is located in central Broward County near US 441, an important north-south arterial less than five miles from downtown Fort Lauderdale. The proximity to I-95, I-595 and the Florida Turnpike offer residents easy commuting throughout Broward County and the Greater Miami.

In 2017, Avesta deployed more than $119 million of equity into eight communities across the country, increasing their service to over 25,000 residents. The firm expects that number to grow substantially in 2018 through offerings like the community management platform.

About Avesta: For two consecutive years, Avesta has been named by FORTUNE and Great Place to Work as a "Best Medium Workplace," ranking in the top 20 nationally for 2017. Avesta’s mission is to give people a home where they can live abundantly and create more community in the world for its more than 30,000 residents. By striving to be the world’s most resident-focused company, Avesta creates lasting value and serves each of its stakeholders; teammates, investors, vendors, communities, and most importantly, its residents. Avesta is a fully integrated real estate investment and management firm that, since 2010, has acquired nearly 15,000 apartment homes and manages a portfolio of communities in excess of $1 billion throughout Florida, Texas, Colorado and Arizona. The vertically-integrated company handles acquisitions, property management, construction, and portfolio management.

Clint Miller

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