Acquisition of newly built 246-unit Class A apartment community extends Avanti’s South Florida presence, where the firm has invested $300 million in apartments during the second half of 2021
Artistry in St. Petersburg, FL
Artistry is a 246-unit luxury apartment community in the heart of downtown St. Petersburg, FL.
Chris Garner Headshot
Chris Garner, CEO of Avanti Residential, headshot
ST. PETERSBURG, Fla. and DENVER, Dec. 17, 2021 (GLOBE NEWSWIRE) — Denver-based Avanti Residential has acquired Artistry, a $92 million luxury 246-unit apartment community in the heart of downtown St. Petersburg, FL. Avanti purchased the Class A project from nationwide apartment builder Milhaus Development, who completed the project in 2020 with condominium-quality finishes, resort-like amenities, and 10,000 square feet of retail space catering specifically to apartment tenants.
“We are seeing strong fundamentals in several South Florida multifamily markets, where impressive employment growth, notably in the tech sector, has been a good leading indicator for apartment demand,” said Christian Garner, president and CEO of Avanti Residential.
Artistry is located at 1661 Central Avenue in the downtown core of St. Petersburg, home to a sizable employment center and vibrant entertainment hub with numerous restaurants, bars, and cultural attractions. The project has a high walkability score to area amenities and is two blocks from Tropicana Field, home to the Tampa Bay Rays.
This acquisition is Avanti’s third South Florida investment in the past six months, following major purchases in Boynton Beach and Doral. Avanti has now invested over $300 million in Florida and has closed on $1.4 billion in apartment transactions nationwide over the past 12 months.
“The multifamily sector presents compelling market fundaments,” said Jason Wine, director of acquisitions for Avanti Residential. “Our investment focus continues to target newer high-quality assets in select high-growth markets where we can leverage Avanti’s management experience to achieve attractive risk-adjusted returns,” added Wine.
Last week Avanti Residential invested $65 million in the acquisition of Village West apartments, a 306-unit apartment community in the greater Kansas City area, where the firm now owns four properties. Earlier this year Avanti also closed on the 397-unit Forum Fitzsimons, which at $159 million is one of the largest apartment acquisitions in the greater Denver metropolitan area this year.
“In terms of its size, quality, and location, Artistry typifies the investments we are interested in making as we grow our multifamily portfolio,” added Wine. “Our nationwide investment strategy relies on the strong working relationships we maintain with local market real estate professionals.”
Newmark’s Patrick Dufour and Andrew Visnick represented Milhaus in the sale transaction. Charlie Williams, also with Newmark, arranged the acquisition financing loan through Freddie Mac. The project was fully leased at the time of sale.
About Avanti Residential
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’ 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
Stacey Hershauer | 480-600-0195
stacey@focusaz.com
Randy Hall | 949-838-5238
randy@ideahall.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7e81d582-1dc9-48c8-acc2-145910962427
https://www.globenewswire.com/NewsRoom/AttachmentNg/feb17bd4-f9f6-48f6-87c3-238b726ef3f1
