Avanti Residential Buys $92M Florida Community
The asset is the company’s third Florida acquisition in six months.
Avanti Residential has acquired the 246-unit Artistry in St. Petersburg, Fla., for $92 million. Seller Milhaus Development delivered the luxury asset in 2020. Newmark represented the seller and arranged a 10-year, $28.3 million Freddie Mac loan for the buyer.
Situated on 2 acres, the community offers a mix of one- to three-bedroom units, ranging from 507 to 1,257 square feet. Amenities include a fitness center, business center, clubhouse and pool, along with 10,000 square feet of retail space on the ground floor.
Located 1 mile west of downtown at 1661 Central Ave., the property is two blocks east of Interstate 275, just southwest of St. Anthony’s Hospital. A variety of shopping, dining and entertainment options are available in the immediate area.
With this purchase, Avanti has now invested more than $300 million into Florida multifamily assets this year. In October, the company paid $102.5 million for 226 units outside Miami, following an August acquisition of 341 units in Boynton Beach.
Newmark’s Vice Chairman Patrick Dufour and Director Andrew Visnick formed the team representing the seller, while Executive Managing Director Charlie Williams arranged the financing on behalf of the buyer.