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AUGUST 12, 2019

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Greystar sells Avana Isles multifamily community in Florida

by Andrea Zander

Greystar Real Estate Partners has sold Avana Isles, a 214-unit class A apartment community in the Boynton Beach/Delray Beach submarket of Palm Beach County, Fla., on behalf of one of its real estate funds.

The sale price was not disclosed.

Located at 7132 Colony Club Drive, Greystar acquired Avana Isles in July 2015 and shortly after commenced a capital improvement plan to unlock embedded value and enhance the resident experience. All of the property’s common areas have been renovated along with the majority of its residential units, helping to drive rent growth. These improvements, together with Avana Isles’ quality location and South Florida’s strong fundamentals, made the property a highly attractive acquisition target. Greystar currently manages more than 10,617 units in the Miami-Ft. Lauderdale metro area, approxi

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