Avanti Residential and FCP Acquire 382-Unit Omnia on Thomas Apartments in Phoenix
AVANTI RESIDENTIAL AND FCP ACQUIRE 382-UNIT OMNIA ON THOMAS APARTMENTS IN PHOENIX
$70 million purchase to include extensive reinvestment to further enhance the resident experience at the AISD award-winning project
Phoenix and Denver, CO – December 1, 2022 – 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, which has been recognized for its chic and colorful exterior with a coveted American Society of Interior Designers (AISD) Adaptive Use Award, is set to 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 Christian Garner, president of Avanti Residential. “This acquisition allows for a significant reinvestment in the property that will further enhance the resident experience at Omnia on Thomas.”
Avanti and FCP plan to invest approximately $12,000 per unit in the project, largely on interior apartment upgrades.
Omnia on Thomas is located at 1645 E. Thomas Road just east of State Route 51 and adjacent to Phoenix Children’s Hospital. The project offers direct access to the desirable 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.
Avanti is also closing this month on a 342-unit apartment community in downtown Kansas City, MO, marking the firm’s seventh investment in the region. Avanti owns and operates approximately 9,000 apartments in Colorado, Arizona, Utah, greater Kansas City, and Florida. The firm is selectively acquiring core-plus and value-add apartment projects on behalf of Avanti’s institutional and private capital partners.
About Avanti Residential
Avanti Residential is an experienced investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Colorado. Avanti operates 37 properties across five states, comprising 9,000 units. The company utilizes a vertically integrated platform led by a seasoned executive team, each with more than 25 years’ experience in the acquisition and value creation of apartment properties. Avanti applies skilled real estate investment acumen in a culture of personal accountability and alignment to deliver exceptional value and attractive risk-adjusted returns for its institutional venture partners and private capital investors. AvantiResidential.com
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.