BOYNTON BEACH, FL - Avanti Residential announces the acquisition of 500 Ocean, a 341-unit class A apartment community in Boynton Beach, FL, for $105 million ($308,000 per unit). The purchase is part of Avanti’s ongoing nationwide investment strategy to significantly increase its apartment holdings as the sector continues to shine as a favored real estate investment asset class.
500 Ocean is located at 101 S. Federal Highway, one-half mile from the ocean in Boynton Beach and 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.
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 the firm’s institutional and private capital partners.
“We believe the current economic environment presents the opportunity to acquire apartments with appealing designs and amenities in high-demand locations and where strong market fundamentals support further growth potential,” added Garner.
Built in 2018, 500 Ocean apartments offer modern design features, including chef’s kitchens, well-appointed finishes, and high ceilings. Many of the apartments enjoy Intracoastal Waterway and ocean views.
Onsite amenities include numerous recreation and retail services, including a fully equipped clubhouse, infinity pool, health club fitness studio, mini bowling alley, virtual office space, private dining room and concierge service. The project includes 19,000 square feet of retail space, featuring 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,” added Garner.