Greystar Confirms Sale of South Florida Community

The 214-unit asset is now under the ownership of SouthStar Properties. Greystar made improvements to common areas and units.
Avana Isles (now Savona Grand). Image courtesy of Greystar

Greystar announced Monday it has sold a 214-unit community in Lake Worth, Fla., to SouthStar Properties. The property, now named Avana Isles, changed hands for $47.8 million, according to Yardi Matrix.

Greystar sold the property after picking it up from Advenir for $35.5 million in July 2015. The most recent sale was first reported by the South Florida Business Journal and was recently confirmed by the seller.

Built in 2004, the Class A community is located at 7132 Colony Club. Units range in size from one-bedroom to three-bedroom townhouses. Common amenities of the 10-building property include a fitness center, clubhouse, tennis and basketball courts and a pool.

Greystar launched capital improvements shortly after acquiring it, renovating the property’s common areas along with most of its residential units, which helped to drive rent growth and boost the value of the property, according to a statement by the firm.

A Newmark Knight Frank team consisting of Multifamily Vice Chairmen Hampton Beebe and Avery Klann together with Director Jonathan Senn represented Greystar in the latest sale, after which the community has been renamed Savona Grand.

Elsewhere in Lake Worth, One Real Estate Investment purchased a 160-unit townhome-style apartment community from Coast Capital Partners and Naya USA for $25.6 million one year ago.