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 – Robbins Property Associates, a Tampa-based vertically integrated multifamily owner and operator, has bought the Wisper Palms Apartment Homes. The property, which was re-branded Pointe Parc at Avalon, is located in the booming Central Florida market in East Orlando.
Pointe Parc at Avalon is centrally located just minutes from highly desirable retail and employment, including the open-air Waterford Lake Town Center, Lockheed Martin, Siemens, the Central Florida Research Park, and Florida Hospital. Pointe Parc residents also delight in an unparalleled location for education with simple access to A-rated local school programs, Valencia College East Campus, and the second-largest university in the country, The University of Central Florida.
“Pointe Parc at Avalon marks our sixth acquisition of the year, and we continue to target unique assets in high-demand, desirable locations,” said Neal Herman, Managing Director of Investments at RPA. “East Orlando’s combination of education, government, space, and technology sectors has led to accelerated job and area household income growth over the past decade. We expect these trends to continue, and the investment is well-positioned to benefit as a result.”
The exceptional 308-unit property features a well-balanced mix of one (22%), two (50%), three (23%), and four-bedroom (6%) floorplans. Completed in 2004, this community features a wide array of amenities, including 172 attached garages, 136 detached garages, walking trails, storage units, a children’s playground, and a business center. Robbins Property Associate’s comprehensive value-add program will include upgrading unit interiors to include sleek quartz countertops in kitchens and baths, modern tile backsplashes, stainless-steel appliance packages, and wood plank flooring throughout.
Community amenity upgrades will highlight a complete renovation and expansion of the clubhouse and leasing center, an expanded 24-hour, state-of-the-art fitness center, and a fenced-in community pet park. Additionally, RPA will modernize the resort-style freeform pool by adding new lounge furniture and updating the outdoor summer kitchen and dining pavilion.
“We observe that demand for low-density, townhome-style product outpaces traditional three- and four-tale construction, especially in suburban submarkets,” said Kristi King, COO at RPA. “RPA is excited to transform Pointe Parc at Avalon through a comprehensive amenity upgrade and interior renovation plot.”

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