Avanti Residential has acquired Artistry, a $92 million luxury apartment community in downtown St. Petersburg. The Denver-based company purchased the 246-unit building from nationwide apartment builder Milhaus Development, which completed the project in 2020. It also has 10,000 square feet of retail space catering 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.
The 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.
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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.
