Avanti Residential has partnered with FCP in the acquisition of Omnia on Thomas, a 382-unit apartment community in Phoenix, for $65 million. The owners will infuse approximately $12,000 per unit, largely in interior apartment upgrades.

Omnia on Thomas is located at 1645 E. Thomas Rd. just east of State Route 51 and adjacent to Phoenix Children's Hospital, with direct access to the desirable Central Avenue Corridor and Camelback Corridor. The project features a mix of studio, one- and two-bedroom apartments, four swimming pools, a fitness center, and five EV charging stations.

Avanti also closed last month on the 342-unit Artistry apartments in downtown Kansas City, Missouri, marking the firm's seventh investment in that market. Avanti has rebranded the property as Arte KC, a brand established by Avanti last year for a high-end lifestyle-forward apartment community in downtown St. Petersburg, Florida.