Avanti Residential acquires 500 Ocean apartment community in South Florida
341-unit complex in Boynton Beach, FL marks Avanti’s first multifamily investment in the region as the firm expands its luxury-living portfolio
Denver, CO and Boynton Beach, FL – August 23, 2021 – Avanti Residential announces the acquisition of 500 Ocean, a 341-unit Class A apartment community in Boynton Beach, FL. The purchase is part of Avanti’s ongoing nationwide push to invest in high quality multifamily communities catering to lifestyle-forward apartment residents.
500 Ocean is located at 101 S. Federal Highway, one-half mile from the coast in Boynton Beach and midway between Boca Raton and Palm Beach. Built in 2018, 500 Ocean apartments offer modern design features, including chef’s kitchens, well-appointed finishes, and high ceilings. In-unit amenities include granite counter tops, custom cabinetry, kitchen islands, 9- to 10-foot ceilings, hardwood-style plank flooring, walk-in closets and full-sized washers and dryers. Many of the apartments feature Intracoastal Waterway and ocean views.
Onsite amenities include numerous recreation and retail services, including a movie theater, infinity pool, private lanais and hammock stations, health club fitness studio with on-demand training, lounge with game tables and Foosball, mini bowling alley, a cybercafé, private dining room and concierge service. The community also includes 19,000 square feet of retail space, featuring The Butcher and the Bar, Pio Pio restaurant, Guaca Go, 500 Ocean Café and Oxygenix Nail Salon.
Avanti has earmarked $1.2 million in improvements and upgrades to enhance the property, including clubhouse renovations, interior and exterior painting, pool upgrades and landscaping. “We are focused on delivering a high-quality lifestyle experience for our multifamily community residents, both through a friendly, hands-on approach from our property management teams and in doing what’s right for the property,” said Christian Garner, president of Avanti Residential.
“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 enhance the resident experience with our technology-forward management practices,” said Christian Garner, president of Avanti Residential.