TAMPA, FL – Avesta Communities, in partnership with New York-based GRJ, has bought Arbors at Carrollwood, an apartment home community off Ehrlich Road in the Carrollwood neighborhood just north of Tampa.  The Arbors is a 390-unit broke 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 delight in. 

“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 buy 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 quick-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 56th Street and Hillsborough Avenue.

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WASHINGTON, DC – Builders report that the single-family 55+ housing market is holding strong in the third quarter, according to the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released. The index had a reading of 59, up two points from the previous quarter and the 10th consecutive quarter with a reading above 50.

“Builders and developers for the 55+ housing sector tell us that business is solid right now and they expect that trend to continue through the rest of the year,” said Jim Chapman, chairman of NAHB’s 55+ Housing Industry Council and president of Jim Chapman Homes LLC in Atlanta.

There are separate 55+ HMIs for two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each 55+ HMI measures builder sentiment based on a survey that questions if current sales, prospective buyer traffic and anticipated six-month sales for that market are excellent, honest or poor (high, average or low for traffic). An index number above 50 indicates that more builders view conditions as excellent than poor.

Two of the three index components of the 55+ single-family HMI posted an increase from the previous quarter: Present sales increased two points to 63 and traffic of prospective buyers rose five points to 47. Meanwhile, expected sales for the next six months dropped four points to 65.  

The 55+ multifamily condo HMI rose one point to 48. The index component for present sales increased two points to 51, while expected sales for the next six months fell three points to 51 and traffic of prospective buyers remained even at 38.

All the four indices tracking production and demand of 55+ multifamily rentals decreased in the third quarter. Present production fell three points to 48, expected future production decreased seven points to 49, current demand for existing units dropped nine points to 59 and future demand fell eight points to 59.

“The 55+ housing market continues on a steady path toward recovery, much like the overall housing market,” said NAHB Chief Economist Robert Dietz. “Older home owners are able to take advantage of low mortgage rates and rising home prices, enabling them to sell their current homes and buy or rent a home in a 55+ community.”

For the full 55+ HMI tables, please visit www.nahb.org/55hmi

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