Avanti Residential Buys $105M Apartment in South Florida

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. 

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 its institutional and private capital partners.

Built in 2018, 500 Ocean’s amenities include a fully equipped clubhouse, infinity pool, health club fitness studio, mini bowling alley, virtual office space, private dining room and concierge service. The project also features 19,000 square feet of retail space, including The Butcher and the Bar, Pio Pio restaurant, Guaca Go, 500 Ocean Café and Oxygenix Nail Salon.

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. “We 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’s right for the property,” Garner said.