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Avanti Acquires Phoenix Apartments for $65M
Avanti Residential has partnered with FCP in the acquisition of Omnia on Thomas, a 382-unit apartment community in Phoenix, for $65 million. The project will receive a fresh capital infusion of approximately $12,000 per unit, largely in interior apartment upgrades.
“This is a unique opportunity to invest in a project and local submarket we know quite well, and with a known entity in FCP, a group with whom we have previous investment experience,” said Avanti’s Christian Garner. “This acquisition allows for a meaningful capital reinvestment in the property that will further enhance the resident experience.” Avanti Residential acquires core-plus and value-add apartment projects on behalf of Avanti’s institutional and private capital partners.
Omnia on Thomas is located just east of State Route 51, with direct access to the Central Avenue Corridor and Camelback Corridor. The project features a mix of studio, one- and two-bedroom apartments, four swimming pools, a fitness center, and five EV charging stations.
- ◦Sale/Acquisition
