BOYNTON BEACH, FL – Avanti Residential announces the acquisition of 500 Ocean, a 341-unit Class A residential development 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 housing stock as the sector continues to shine as the asset class of choice for real estate investments.
500 Ocean is located on 101 S. Federal Highway, half a mile from the ocean in Boynton Beach and halfway between Boca Raton and Palm Beach. At the time of sale, the property was 98% let.
"This is an excellent opportunity to expand our portfolio holdings and enter a new market in South Florida, a region with high demand for apartment buildings where we believe our proactive, technology-driven management practices can deliver attractive risk-adjusted returns," said Christian Garner, President of Avanti Residential.
Avanti owns and operates approximately 7,500 homes in Colorado, Arizona, Utah, the greater Kansas City area, and now Florida. The company is actively acquiring core-plus and value-add residential projects on behalf of the company's institutional and private capital partners.
"We believe that the current economic environment offers the opportunity to purchase homes with appealing design and furnishings in sought-after locations where strong market fundamentals offer further growth potential," added Garner.
The 500 Ocean Apartments were built in 2018 and offer modern design features including the chef's kitchens, well-appointed surfaces, and high ceilings. Many of the apartments have views of the Intracoastal Waterway and the ocean.
On-site amenities include a variety of recreational and retail services including a fully equipped clubhouse, infinity pool, exercise facility, mini-bowling alley, virtual office space, private dining room and concierge services. The project includes 19,000 square meters of retail space with The Butcher and the Bar, Pio Pio Restaurant, Guaca Go, 500 Ocean Café and Oxygenix Nail Salon.
Avanti has allocated $ 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 to our multi-family communities, both through a friendly, hands-on approach from our property management teams and through what is right for the property," added Garner.