ST. PETERSBURG, FL - Denver-based Avanti Residential has acquired Artistry, a $92 million luxury 246-unit apartment community in the heart of downtown St. Petersburg, FL. Avanti purchased the Class A project from nationwide apartment builder Milhaus Development, who completed the project in 2020 with condominium-quality finishes, resort-like amenities, and 10,000 square feet of retail space catering specifically 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.
Artistry is located at 1661 Central Avenue in the downtown core of St. Petersburg, home to a sizable employment center and vibrant entertainment hub with numerous restaurants, bars, and cultural attractions. The project has a high walkability score to area amenities and is two blocks from Tropicana Field, home to the Tampa Bay Rays.
This 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.
“The multifamily sector presents compelling market fundaments,” said Jason Wine, director of acquisitions for Avanti Residential. “Our investment focus continues to target newer high-quality assets in select high-growth markets where we can leverage Avanti’s management experience to achieve attractive risk-adjusted returns,” added Wine.
Last week 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.
“In terms of its size, quality, and location, Artistry typifies the investments we are interested in making as we grow our multifamily portfolio,” added Wine. “Our nationwide investment strategy relies on the strong working relationships we maintain with local market real estate professionals.”
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.