BOYNTON BEACH, FL – Avanti Residential announces the acquisition of 500 Ocean, a 341-unit class A apartment community in Boynton Beach, FL, for $105 million ($308,000 per unit). The buy is part of Avanti s ongoing nationwide investment strategy to significantly increase its apartment holdings as the sector continues to shine as a favored real estate investment asset class.
500 Ocean is located at 101 S. Federal Highway, one-half mile from the ocean in Boynton Beach and midway between Boca Raton and Palm Beach. The property was 98% leased at the time of sale.
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 achieve attractive risk-adjusted returns with our proactive, technology-forward management practices, said Christian Garner, president of Avanti Residential.
Avanti owns and operates approximately 7,500 apartments in Colorado, Arizona, Utah, greater Kansas City, and now Florida. The firm is actively acquiring core-plus and value-add apartment projects on behalf of the firm s institutional and private capital partners.
We believe the current economic environment presents the opportunity to buy apartments with appealing designs and amenities in high-demand locations and where strong market fundamentals support further growth potential, added Garner.
Built in 2018, 500 Ocean apartments offer modern design features, including chef s kitchens, well-appointed finishes, and high ceilings. Many of the apartments delight in Intracoastal Waterway and ocean views.
Onsite amenities include numerous recreation and retail services, including a fully equipped clubhouse, infinity pool, health club fitness studio, mini bowling alley, virtual office space, private dining room and concierge service. The project 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, added Garner.

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JACKSONVILLE, FL – The Millennia Companies, a leading company specializing in the preservation of affordable housing, held a ribbon cutting ceremony at Valencia Way to celebrate the substantial rehabilitation of four affordable housing developments in Jacksonville, Florida.
The rehabilitated apartment developments underwent more than $94 million in renovation costs that improved the physical conditions and preserved the affordability of 768 apartments, which are located at Valencia Way (formerly Eureka Gardens), Calloway Cove (formerly Washington Heights), The Weldon (formerly Moncrief Village), and Palmetto Glen (formerly Southside Apartments).
These apartment developments were significantly distressed; in collaboration with our housing and finance partners, we are proud to have met the challenge of transforming them into quality, affordable housing for hundreds of families, said Frank T. Sinito, Founder and Chief Executive Officer at Millennia. Not only have we preserved a large number of affordable housing apartments at a time when they are deeply needed, but we also made community spaces for services that further enrich the lives of residents.
The renovations include significant upgrades to the interiors and exteriors of the buildings, including new kitchens and bathrooms; improvements to major electrical, plumbing, and mechanical systems; and enhancements of the grounds and security features. Additionally, the rehabilitation process added to each apartment development a new community center, featuring amenities such as fitness rooms, meeting spaces and activity centers.
The first time I was here in 2016, I witnessed horrifying living conditions as well as many health and safety issues. Millennia has taken ownership and worked hard to rehabilitate what is now Valencia Way. I am grateful to Frank Sinito and The Millennia Companies for their efforts, which will now allow tenants to live in safe, sanitary, and decent housing,” said United States Senator Marco Rubio (R-FL).
At the celebration, guests toured newly renovated apartments at Valencia Way – the largest of the four complexes at 400 units – and heard from speakers including residents, elected officials, and partners. All four apartment developments consist of 100% affordable housing, and residents pay 30% of their income toward rent as part of a federal housing subsidy program provided by the United States Department of Housing and Urban Development. In all, the acquisition and renovation costs amounted to more than $145 million.
The following partners made the rehabilitations possible: United States Department of Housing and Urban Development, Florida Housing Finance Corporation, Jacksonville Housing Finance Authority, City of Jacksonville, R4Capital, First Housing, Bank of New York Mellon Corporation, NEI General Contracting, Dimit Architects LLC, The Architectural Team, Inc., and Project Management Consultants LLC.

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CHICAGO, IL – Equity Residential (NYSE: EQR), an S&P 500 company focused on the acquisition, development and management of residential rental properties located in and around dynamic cities, and Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living division, announced the establishment of a strategic partnership to develop new rental apartment communities in key U.S. markets. Through the partnership, the parties initially intend to focus on selectively acquiring and developing sites for apartment rental communities in six metro markets where both parties have a significant or growing presence: Atlanta; Austin; Boston; Denver; Orange County/San Diego; and Seattle, as well as in Dallas-Fort Worth, a market that Equity Residential has recently re-entered.
Over the next three years, Equity Residential will invest 75% of the equity for each selected project and Toll Brothers will invest 25%. It is expected that each project will also be financed with approximately 60% leverage. Equity Residential will have the option to buy each property upon stabilization. The parties have targeted an initial minimum co-investment of approximately $750M in combined equity, or nearly $1.9B capacity, assuming 60% leverage. These targets, which are subject to identifying mutually acceptable properties, could increase if additional opportunities are identified. Three properties currently controlled by Toll Brothers, with a total anticipated project cost of approximately $242 million, are expected to jump-start the venture.
Toll Brothers will act as managing member of each project, overseeing approvals, design and construction for which it will receive development, construction management, and financing fees, as well as a promoted interest to be realized upon the sale of each property and has, with limited exceptions, agreed to develop apartment projects exclusively with Equity Residential in the designated metro markets. Equity Residential will receive fees for property management, leasing and marketing services, as well as construction oversight.
We are delighted to be working again with Toll Brothers and their experienced apartment development team, with whom we ve had a long and successful business relationship, said Mark J. Parrell, President and CEO of Equity Residential. This venture will marry Equity Residential s market knowledge and balance sheet strength with Toll Brothers existing deep development capability to produce high quality apartment properties in our expansion markets and predominantly suburban locations in our existing markets that appeal to our affluent renter demographic. We expect this venture to make significant value for our shareholders, to accelerate our diversification efforts and to allow us to efficiently scale up our development efforts.
We are thrilled to join with Equity Residential in this exciting partnership which offers tremendous benefit to both of our organizations, said Douglas C. Yearley, Jr., Chairman and CEO of Toll Brothers. This venture will increase the capital efficiency of our Toll Brothers Apartment Living platform, allowing us to develop more apartments with less capital. Having Equity Residential co-investing with us at initial site acquisition and being the likely purchaser of developed properties at stabilization will enable our Apartment Living business to improve return on equity and to generate a higher and more predictable income stream through consistent and recurring fees and property sales.

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