Investors save fractured condo project

Tampa-based Avesta Communities and New York investment firm GRJ LLC have teamed up to acquire the 390-unit Arbors at Carrollwood complex north of Tampa.

Avesta and GRJ plan an extensive renovation to the community's unit interiors and common areas. The 3939 Ehrlich Road complex is a “fractured condominium” that was completed in 2001, Hillsborough County records show.

Arbors at Carrollwood offers one- to three-bedroom units and amenities include a clubhouse and swimming pool, a waterfall hot tub, fitness center, boat parking, tennis court and dog park and picnic areas.

“The economy here is flourishing, with a fast-growing job market and booming population, which are outpacing the national average,” says Rachel Ridley, an Avesta partner.

In the past six years, Avesta has acquired more than 11,000 apartment units in Texas and Florida, including 1,500 in the Tampa area.

Founded in 2010 by brothers Graham and Gregory Jones, GRJ owns more than 500 apartments in New York, New Jersey and Philadelphia. Arbors at Carrollwood is its first Florida acquisition, according to its website.