Avanti Residential Buys $92M St. Petersburg Apartment
The acquisition is Avanti’s third South Florida investment in the past six months.
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.
Last week, for example, 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.
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.