Versity Investments has acquired Astoria, a multifamily property built in 2015 located in Celebration, Fla., for $89 million. It is the firm’s first multifamily acquisition.
According to Versity CEO Blake Wettengel, the property is the first multifamily asset for the company. Astoria, which is currently 97.1 percent leased, was acquired 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 healthcare 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 fores
