Avanti Residential enters the Florida market
Avanti Residential made its first acquisition in Florida through a Class A community in Boynton Beach. Company CEO Christian Garner said Multi-housing news that the 341-unit 500 Ocean was acquired from LeCesse Development, an Orlando-based developer. According to Yardi Matrix data, Avanti Residential also secured a $ 42 million acquisition loan for the transaction from Freddie Mac.
“Investor demand for Arizona apartments is at an all time high, driving asset values to a point where more attractive risk-adjusted returns can be achieved in other fundamentally strong markets, including South Florida. “Garner said. MHN.
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The property built in 2018 was built in 2018 and offers one, two and three bedroom units ranging in size from 744 to 1,306 square feet. Apartments were built with kitchen islands, walk-in closets, and washers and dryers, while some units have spa tubs and inter-shore or ocean views. Residents of 500 Ocean also have access to a swimming pool, an outdoor kitchen, a fitness studio, a residents’ library, a mini bowling alley, a cinema room, a games room and an internet café.
The ground floor of the community includes 19,000 square feet of retail space that is currently leased to several restaurants and a nail salon, according to Avanti Residential. Located at 101 S Federal Highway, 500 Ocean puts residents half a mile from the ocean, while being midway between Boca Raton and Palm Beach.
According to Avanti Residential, 500 Ocean was 98% leased at the time of the sale. The new owner plans to spend $ 1.2 million on improvements and upgrades to the 500 Ocean, which will include lodge renovations, interior and exterior painting, pool upgrades and landscaping.
Expansion in Florida
Garner said MHN that Avanti Residential is in due diligence for a second acquisition of a community of similar size in the state. The transaction is expected to close in 45 days.
The acquisition of 500 Ocean also marks Avanti Residential’s latest step in its nation-wide investment strategy which aims to increase the company’s multi-family holdings, particularly through basic and value apartments. added. The company currently owns and operates approximately 7,500 units in several states, including Colorado, Arizona, Utah, the greater Kansas City area and now Florida.
Contrary to its bullish sentiment in Florida, Avanti recently sold some of its holdings in Arizona. In December of last year, the company sold its 248-unit property in Glendale, Ariz. For $ 43.3 million. In July, the company sold a community of 264 units in Goodyear, Ariz. For $ 71.8 million.