Versity Investments Acquires 306 Unit Apartment Building for $89M

Versity Investments, LLC has acquired Astoria, a multifamily property built in 2015 located in Celebration.

According to Versity CEO Blake Wettengel, the property is the first multifamily asset for the company and is currently 97.1% leased. Astoria was offered as a 1031 exchange with a DST (Delaware Statutory Trust) structure.

We are thrilled with our newest DST offering, Astoria, in the famed city of Celebration, Florida” said Wettengel. “In addition to this being a gorgeous property, complete with a vintage art deco motif, it’s location and proximity to jobs, entertainment, and health care may help keep this project healthy with substantial growth potential for years to come. In addition, the value of Florida real estate is at an all-time high, and with the unprecedented growth in raw material costs and construction wages, rents have the potential to continue to grow for the foreseeable future. In short, we believe we have positioned investors for yet another stellar investment.”

The property, situated on 14.41 acres, consists of one, two and three-story residential buildings with one – two – and three-bedroom units offering resort style amenities. The town of Celebration is accessible near major freeways and to several major tourist attractions including Disneyworld, Sea World and Universal Studios.

 

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