Avanti Residential has acquired a 341-unit apartment building located at 500 Ocean, in Boynton Beach, FL, for $105 million, or $308,000 per unit, from an unknown seller. It is the multifamily owner and operator's first apartment investment in the region as well as part of its ongoing nationwide investment strategy to significantly increase its apartment holdings.
500 Ocean is located midway between Boca Raton and Palm Beach. The property was 98% leased at the time of sale.
"This 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," said Christian Garner, president of Avanti Residential, in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
