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Avanti Residential Buys $92M Artistry Apartments in St. Petersburg
Avanti Residential has acquired Artistry, a 246-unit community in downtown St. Petersburg, for $92 million. Avanti purchased the Class A project from builder Milhaus Development, which completed the project in 2020 with 10,000 square feet of retail space catering specifically to apartment tenants.
Newmark’s Patrick Dufour and Andrew Visnick represented Milhaus in the sale transaction. Charlie Williams, also with Newmark, arranged the acquisition financing loan through Freddie Mac. The project was fully leased at the time of sale.
“We are seeing strong fundamentals in several area Florida multifamily markets, where impressive employment growth, notably in the tech sector, has been a good leading indicator for apartment demand,” said Christian Garner, president and CEO of Avanti.
This acquisition is Avanti’s third Florida investment in the past six months. The company Avanti has now invested more than $300 million in Florida and has closed on $1.4 billion in apartment transactions nationwide over the past 12 months.
- ◦Sale/Acquisition
