Avanti Residential has acquired 500 Ocean, a 341-unit class A apartment community in Boynton Beach, Fla., 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 percent 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 some 7,500 apartments in Colorado, Arizona, Utah, grea
