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Avanti Residential Snags Boynton Beach Apartments for $105M
Avanti Residential has acquired 500 Ocean, a 341-unit apartment community in Boynton Beach. The sales price was $105 million.
The property 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% leased at the time of sale. Built in 2018, 500 Ocean apartments offer modern design features, including chef’s kitchens, well-appointed finishes, and high ceilings. Many of the apartments enjoy Intracoastal Waterway and ocean views.
“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 at Avanti Residential.
- ◦Sale/Acquisition
