Avanti Residential buys luxury Artistry Apartments in St. Petersburg, FL
Newly built 246-unit Class A apartment community extends Avanti’s South Florida presence, where the firm has added three apartment communities to its portfolio in the second half of 2021
St. Petersburg, FL and Denver, CO – December 5, 2021 – Denver-based Avanti Residential has acquired Artistry, a luxury 246-unit apartment community in the heart of downtown St. Petersburg, FL. Avanti purchased the Class A project from nationwide apartment builder Milhaus Development, who completed the project in 2020 with condominium-quality finishes, resort-like amenities, and 10,000 square feet of retail space catering specifically to apartment tenants.
“We are seeing sound fundamentals in several South Florida multifamily markets, where impressive employment growth, notably in the tech sector, has been a strong indicator for apartment demand,” said Christian Garner, president and CEO of Avanti Residential.
Artistry is located at 1661 Central Avenue in the downtown core of St. Petersburg, home to a sizable employment center and vibrant entertainment hub with numerous restaurants, bars, and cultural attractions. The project has a high walkability score to area amenities and is two blocks from Tropicana Field, home to the Tampa Bay Rays.
Featuring studio, one- and two-bedroom floorplans, the apartments offer designer details with stainless-steel appliances, modular built-in closets, private balconies, and in-unit laundry facilities. Community amenities include a resort-style pool and rooftop retreat, panoramic views of downtown, billiards lounge, yoga sanctuary and fitness center, a tenant lounge, and a dog park and pet spa area.
This acquisition is Avanti’s third South Florida investment in the past six months, following major purchases in Boynton Beach and Doral. “In terms of its size, quality, and location, Artistry is a great example of the lifestyle forward apartment communities we are committed to acquiring as we grow our multifamily portfolio,” said Jason Wine, director of acquisitions for Avanti Residential.
“Our investment focus continues to target newer high-quality assets in select high-growth markets where we can leverage Avanti’s management experience and provide an outstanding resident experience,” added Wine.
Last week Avanti Residential also purchased Village West apartments, a 306-unit apartment community in the greater Kansas City area, where the firm now owns four properties. Earlier this year Avanti also closed on the 397-unit Forum Fitzsimons greater Denver to meet growing professional and healthcare workforce housing demand associated with the adjacent and growing Fitzsimons Innovation Community.