ST. PETERSBURG, Fla. And DENVER, Dec. 17, 2021 (GLOBE NEWSWIRE) – Denver-based Avanti Residential has acquired Artistry, a $ 92 million 246-unit luxury apartment community located in the heart of downtown Saint -Petersburg, Florida. Avanti purchased the Class A project from nationwide apartment builder Milhaus Development, which completed the project in 2020 with condominium-grade finishes, resort-style amenities and 10,000 square feet of retail space. retail specifically aimed at apartment tenants.
“We are seeing strong fundamentals in several South Florida multi-family markets, where impressive job growth, especially in the tech sector, has been a good leading indicator of apartment demand,” said Christian Garner, President and CEO of Avanti Residential.
Artistry is located at 1661 Central Avenue in downtown Saint Petersburg, home to a major employment center and vibrant entertainment hub with many restaurants, bars, and cultural attractions. The project has a high walk score relative to area amenities and is two blocks from Tropicana Field, home to the Tampa Bay Rays.
The acquisition is Avanti’s third investment in South Florida in the past six months, following major purchases in Boynton Beach and Doral. Avanti has now invested over $ 300 million in Florida and closed $ 1.4 billion in apartment deals nationwide in the past 12 months.
“The multi-family sector presents compelling market foundations,” said Jason Wine, director of acquisitions for Avanti Residential. “Our investment objective continues to target new, high-quality assets in certain high-growth markets where we can leverage Avanti’s management experience to achieve attractive risk-adjusted returns,” Wine added.
Last week Avanti Residential invested $ 65 million to acquire apartments in Village West, a 306-unit apartment community in the greater Kansas City area, where the company now owns four properties. Earlier this year, Avanti also closed the 397-unit Fitzsimons Forum, which, at $ 159 million, is one of the largest apartment acquisitions in the greater Denver metropolitan area this year.
“In terms of size, quality and location, Artistry characterizes the investments we want to make as we grow our multi-family portfolio,” Wine added. “Our nationwide investment strategy is built on the strong working relationships we have with local real estate professionals. “
Patrick Dufour and Andrew Visnick of Newmark represented Milhaus in the sale transaction. Charlie Williams, also with Newmark, arranged the acquisition finance loan through Freddie Mac. The project was fully leased at the time of the sale.
About Avanti Residential
Avanti Residential is an experienced investor and owner-operator of multi-family lifestyle communities in the United States. Founded in 2005 and headquartered in Denver, Colorado, Avanti operates a vertically integrated platform led by a seasoned management team, each with over 25 years of experience in the acquisition and value creation of apartment buildings. The company applies a strong sense of real estate investing in a culture of personal responsibility and alignment to deliver exceptional value and attractive risk-adjusted returns to its institutional venture partners and private investors. AvantiResidential.com
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