{"id":3940,"date":"2021-09-15T02:09:10","date_gmt":"2021-09-15T07:09:10","guid":{"rendered":"https:\/\/1reason.com\/re\/avanti-residential-acquires-105-million-apartment-community-in-south-florida\/3940\/"},"modified":"2021-09-15T21:09:10","modified_gmt":"2021-09-16T02:09:10","slug":"avanti-residential-acquires-105-million-apartment-community-in-south-florida","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/avanti-residential-acquires-105-million-apartment-community-in-south-florida\/3940\/","title":{"rendered":"Avanti Residential Acquires $105 Million Apartment Community in South Florida"},"content":{"rendered":"

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341-unit complex in Boynton Beach, FL marks Avanti\u2019s first multifamily investment in the region as the firm expands its apartment holdings nationwide <\/h5>\n

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Chris Garner, CEO, Avanti Residential<\/h4>\n

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\n \"Chris \n <\/div>\n


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<\/p>\n
Chris Garner, CEO, Avanti Residential <\/h5>\n

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DENVER and BOYNTON BEACH, Fla., Aug. 23, 2021 (GLOBE NEWSWIRE) — Avanti Residential announces the acquisition of 500 Ocean, a 341-unit class A apartment community in Boynton Beach, FL, for $105 million ($308,000 per unit). The purchase is part of Avanti\u2019s ongoing nationwide investment strategy to significantly increase its apartment holdings as the sector continues to shine as a favored real estate investment asset class.<\/p>\n

500 Ocean is located at 101 S. Federal Highway, one-half mile from the ocean in Boynton Beach and midway between Boca Raton and Palm Beach. The property was 98% leased at the time of sale.<\/p>\n

\u201cThis is an outstanding opportunity to expand our portfolio holdings and enter a new market in South Florida, a region with strong multifamily demand and one where we believe we can achieve attractive risk-adjusted returns with our proactive, technology-forward management practices,\u201d said Christian Garner, president of Avanti Residential<\/a>.<\/p>\n

Avanti owns and operates approximately 7,500 apartments in Colorado, Arizona, Utah, greater Kansas City, and now Florida. The firm is actively acquiring core-plus and value-add apartment projects on behalf of the firm\u2019s institutional and private capital partners.<\/p>\n

\u201cWe believe the current economic environment presents the opportunity to acquire apartments with appealing designs and amenities in high-demand locations and where strong market fundamentals support further growth potential,\u201d added Garner.<\/p>\n

Built in 2018, 500 Ocean apartments offer modern design features, including chef\u2019s kitchens, well-appointed finishes, and high ceilings. Many of the apartments enjoy Intracoastal Waterway and ocean views.<\/p>\n

Onsite amenities include numerous recreation and retail services, including a fully equipped clubhouse, infinity pool, health club fitness studio, mini bowling alley, virtual office space, private dining room and concierge service. The project includes 19,000 square feet of retail space, featuring The Butcher and the Bar, Pio Pio restaurant, Guaca Go, 500 Ocean Caf\u00e9 and Oxygenix Nail Salon.<\/p>\n

Avanti has earmarked $1.2 million in improvements and upgrades to enhance the property, including clubhouse renovations, interior and exterior painting, pool upgrades and landscaping. \u201cWe are focused on delivering a high-quality lifestyle experience for our multifamily community residents, both through a friendly, hands-on approach from our property management teams and in doing what\u2019s right for the property,\u201d added Garner.<\/p>\n

About Avanti Residential<\/strong><\/p>\n

Avanti Residential is an experienced investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Colorado, Avanti operates a vertically integrated platform led by a seasoned executive team, each with more than 25 years\u2019 experience in the acquisition and value creation of apartment properties. The company applies skilled real estate investment acumen in a culture of personal accountability and alignment to deliver exceptional value and attractive risk-adjusted returns for its institutional venture partners and private capital investors. AvantiResidential.com<\/a><\/p>\n

Photos accompanying this announcementare available at:<\/p>\n

https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/2bad34c3-3adf-49da-a549-bb4556da358c<\/a>
<\/a>https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/066869d2-5906-468c-8bae-a1e30a8f4c9c<\/a><\/p>\n

CONTACT: Kristina Sarenas | 714-263-8750
\nkirstina@ideahall.com
\nBrittney Hollbrook | 951-415-9684
\nbrittney@ideahall.com<\/pre>\n
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341-unit complex in Boynton Beach, FL marks Avanti\u2019s first multifamily investment in the region as the firm expands its apartment holdings nationwide<\/p>\n

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 Avanti Residential 500 Ocean 
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