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.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!