ST. PETERSBURG, FL – Denver-based Avanti Residential has bought Artistry, a $92 million luxury 246-unit apartment community in the heart of downtown St. Petersburg, FL. Avanti bought 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 strong fundamentals in several South Florida multifamily markets, where impressive employment growth, notably in the tech sector, has been a excellent leading 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.
This acquisition is Avanti s third South Florida investment in the past six months, following major buys in Boynton Beach and Doral. Avanti has now invested over $300 million in Florida and has closed on $1.4 billion in apartment transactions nationwide over the past 12 months.
The multifamily sector presents compelling market fundaments, 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 to achieve attractive risk-adjusted returns, added Wine.
Last week Avanti Residential invested $65 million in the acquisition of 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, which at $159 million is one of the largest apartment acquisitions in the greater Denver metropolitan area this year.
In terms of its size, quality, and location, Artistry typifies the investments we are interested in making as we grow our multifamily portfolio, added Wine. Our nationwide investment strategy relies on the strong working relationships we maintain with local market real estate professionals.
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.

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NEWPORT BEACH, CA – A joint venture between Village Partners Ventures of Newport Beach, California and The Bascom Group of Irvine, California has closed on a construction loan and six acre land acquisition for a mixed-use project at 5050 Arrow Highway, Montclair, California.
JLL’s capital markets team in Newport Beach, led by Mark Erland and Matt Benson, secured a $77 million construction loan from Citizens of Providence, Rhode Island for construction of the project. The land buy price was $10 million.
Village Partners principal Don Henry remarked “we are pleased to reach this milestone with Village at Montclair, a transformative project that will be a first in the area, a transit-oriented mixed-use development walkable to Montclair Place and transit. ” His partner, Michael Morris, quipped “this Village will provide housing for more than 600 residents with convenient streetfront retail.”
Designed by New Urbanist design firm Torti Gallas, Village at Montclair, a mixed-use infill redevelopment with 350-units, is a Type V mid-rise project with combination of structured and surface parking, designed as a walkable transit village with housing, ground floor retail, and public spaces including a Village Square and the Station Promenade. The project has a direct pedestrian connection to the Montclair Transit Station and future Metro Goldline. Bascom Principal Jerry Fink shared “while this is our first vertical development with Village Partners, it’s our second investment with their team.” Principal David Kimadded “the Village Partners team sourced this off market deal and guided it through an extensive entitlement effort.”
Village at Montclair is designed to celebrate the inviting Mediterranean climate and San Gabriel Mountain views of Montclair, with elements including a mixture of Spanish and Italian architecture, abundant public space, walkable streetscapes, landscaped courtyards, and a rooftop deck. Warm California Modern interiors by Mannigan Design thoughtfully complement the architecture. Project amenities include pool and spa, co-working suites, clubhouse, parcel lockers, and a state-of-the-art fitness facility.
The project is located within the City’s North Montclair Downtown Specific Plot. The plot covers 200 acres of land surrounding Village at Montclair and sets the standards for the creation of an urban, walkable district surrounding the TransCenter and future Goldline, with up to 2,500 new residential units and commercial space plotted over the next decade. This District and the Project site are adjacent to the prestigious Claremont College consortium. Construction of Village at Montclair will commence in January 2022 by general contractor Johnstone Moyer Inc.

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ORLANDO, FL – The Bascom Group has bought a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor, was bought for $68,500,000 or $214,06 per unit through a partnership with East Hill Capital’s Duff Bedrosian and Leste Group, a Miami based investment manager. Enclave is the second property bought by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust provided the debt financing for the acquisition and was arranged by Charles Foschini, Christopher Apone, Shannon Wilson, and Scott Wadler of Berkadia. SD Cap will provide renovation management and Cushman and Wakefield will provide the property management.
Bascom’s Senior Vice President & Principal, Jim Singleton, stated, “Enclave at Lake Ellenor was a unique opportunity to buy a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market. Enclave is perfectly positioned within reach of business hubs, world-class attractions, and educational centers. Orlando benefits from a diverse and well-educated workforce, business-friendly government, and competitive tax climate, making the city an ideal location for businesses.”
Leste Real Estate US Managing Director Josh Patinkin, who led the investment in the 97.8 percent leased property for Leste Group, said, “We’re pleased to support the strategic renovation of this apartment property in Orlando’s quick-growing suburban market with our joint venture partners. This acquisition reflects Leste’s ability to identify multifamily workforce housing where our equity capital can be deployed to upgrade property contributing both to improved quality of life for residents of residential housing communities in the nation’s Sunbelt, and the generation of long-term value creation opportunities for our investors.”
Enclave at Lake Ellenor is located in Orlando, an area experiencing substantial growth due to Florida’s rapidly growing economy. The property’s proximity to major roads, such as Interstate 4 and the Florida Turnpike, allows convenient access to retail, entertainment, dining, and major employment centers throughout the Orlando metro. Bascom plans to renovate the units while presenting a significant discount to the price point of new construction. Aside from unit renovations, Bascom will enhance property exteriors and implement amenity additions, while improving operational efficiencies and strengthening their presence in the Florida market. Orlando’s affordable, low-density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country.
Bascom’s Senior Vice President of Operations, Tony Ferrell, added, “Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and do a strategic renovation plot. Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures. In addition, Bascom will modernize the clubhouse, fitness center, and pool areas. As the Orlando economy continues to rebound from the effects of the pandemic, in-migration trends are projected to persist, making this a fantastic opportunity for us.”

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