Avanti Residential Buys $92 Million Artistry Apartments in St. Petersburg, FL

 Rendering of 246-Unit Artistry Apartments
1661 Central Avenue, Downtown St. Petersburg, FL

 St. Petersburg, FL and Denver, CO –– Denver-based Avanti Residential has acquired Artistry, a $92 million luxury 246-unit apartment community in 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.

 Christian Garner

 “We are seeing strong fundamentals in several South Florida multifamily markets, where impressive  employment growth, notably in the tech sector, has been a good 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.

Jason Wine

This acquisition is Avanti’s third South Florida investment in the past six months, following major purchases 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.”   

Andrew Visnick

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.”

Patrick Dufour 

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.

 

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 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.

Charles H.
 (Charlie) Williams

The company 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. 

 

CONTACT:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 

 AvantiResidential.com

 

Two Fully Spec Industrial Buildings Coming to 1,600-Acre PV 303 in Goodyear, AZ

 Kevin Czerwinski

GOODYEAR, AZ,  Dec. 8, 2021 – On behalf of Merit Partners Inc. and Lexington Realty Trust, an industrial-focused publicly traded real estate investment trust, Stevens-Leinweber Construction has broken ground on two fully speculative industrial buildings within PV 303, a 1,600-acre industrial park in Goodyear, Arizona.

 

Called Buildings 3 and 4, the new construction will total 880,000 square feet of new Class A industrial space – opening up a new section of PV 303 on parcels located just west of the Loop 303 between Camelback and Thomas roads.

 

PV 303 is already home to approximately 7 million square feet of completed or under construction industrial product.

Within this inventory, Stevens-Leinweber Construction (SLC) has completed buildings for companies including Boeing/XPO, Ball Manufacturing, HD Supply and XPO/Abercrombie and Fitch.

Erik Powell

SLC is currently under construction on an additional 802,000-square-foot shell building for Merit Partners, also located within PV 303.

 

Additional tenants within the industrial park include Dick’s Sporting Goods, REI, SubZero, Daimler and Fairlife.

 

“In just a handful of years, PV 303 has materialized into an employment and logistics hub, where companies that are known by name in households around the world are generating thousands of high-paying local Phoenix jobs,” said Merit Partners Principal and President Kevin Czerwinski.

 

“That is a point of pride for our team and something we look forward to continuing with these new buildings. We are excited to partner with Lexington Realty Trust and Stevens-Leinweber on this project.”

 

“The mix of companies that have located within PV 303 is exceptional,” said Stevens-Leinweber Construction Vice President Erik Powell.

 

“It is a testament to the quality and care that Merit puts into the master-planning of its parks. We appreciate the opportunity we’ve had to be a part of so many of these buildings.”

 

The new PV 303 Building 3 will total 488,400 square feet and Building 4 will total 392,000 square feet. Both will feature 40’ clear height, cross dock configuration with trailer parking on both sides and 190’ truck yards. 

 

They are part of the larger PV 303 industrial park, which at build-out will include more than 20 million square feet of industrial, office and retail space located at the confluence of Interstate 10 and Loop 303.

At Buildings 3 and 4, Butler Design Group serves as the project architect. Pat Feeney and Danny Calihan of CBRE serve as the exclusive leasing brokers.

Patrick (Pat) Feeney Jr.

Construction on Buildings 3 and 4 are underway now, with completion scheduled for Summer 2022.

 

For more information on PV 303, please visit www.meritpartnersinc.com.

 

 

 

About Merit Partners

 

Merit Partners, Inc. is a Phoenix based real estate development firm primarily focused on the industrial sector.

 

Since 2010, Merit Partner’s, Inc. has overseen the ground up development of over 10 million square feet of industrial product in the Phoenix metro area comprising well over $1 billion of property value.

Danny Calihan

About Stevens Leinweber Construction, Inc.

 

Stevens-Leinweber Construction (SLC) is one of the Valley’s most active ground-up and tenant improvement contractors, providing both general contracting and design-build services to SLC clients across the office, industrial, retail and mixed-use sectors.

 

Respected by architects, designers, owners and developers, the company is selected time and again to complete some of the Valley’s most prominent projects. Over its 40-year history, SLC has completed more than 8,500 projects in the Phoenix metro area.

 

CONTACT:

 

Stacey Hershauer

stacey@focusaz.com

480.600.0195

www.meritpartnersinc.com.

 

JLL Capital Markets leads sales efforts for six office properties within Imperial Center in Durham, NC

 Patti Autry

 

 Raleigh, NC, Dec. 8, 2021 – JLL Capital Markets announced today that it closed the sale of six office buildings totaling 408,572 square feet within Imperial Center in Durham, North Carolina.

 JLL marketed the portfolio on behalf of the seller, OA Development, an Atlanta-based real estate investment and development firm.

Hillman Duncan

The six properties are located at 4721, 4813 and 4815 Emperor Blvd. and 1005, 1007 and 1009 Slater Rd. within Imperial Center, Raleigh-Durham’s largest business park boasting 456 acres and more than four million square feet of mixed-use space.

 Imperial Center is home to more than 69 companies and 5,000 employees and is strategically located close to the Interstate 40 and 540 interchange, providing access throughout the Triangle Region, including the RDU International Airport and Downtown Raleigh.

 Currently 92.5% leased overall to 50 tenants, the Imperial Center portfolio is home to an attractive healthcare and STEM-oriented tenant roster that is representative of the Triangle area’s core industries. The three- and four-story properties sit on a total of 28 acres.

 Ryan Clutter

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ryan Clutter, Senior Director Chris Lingerfelt and Directors Daniel Flynn and John Mikels. JLL's Hillman Duncan and Patti Autry have been retained to handle leasing for the project.

 “The Imperial Center offering offers tremendous value-add potential through the immediate lease-up of available space while providing stable cash flow from the predominately healthcare and STEM-oriented tenant roster,” Lingerfelt said.

Chris Lingerfelt 

“Our Imperial Center portfolio performed exceptionally well through the pandemic and exceeded our business plan in terms of leasing demand, rental rate growth and overall performance,” explained Josh Videlefsky, director, OA Development.

 “This made for a successful venture for our partners, and we are confident that the next owner will also do well given Raleigh-Durham’s continued growth and Imperial Center relevance in a bulls-eye location.”

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Daniel Flynn

 The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

 

About OA Development

Founded in 1993, OA Development is a privately held, integrated commercial real estate firm that invests in and manages office and industrial assets throughout the Southeast. 

 John Mikels

The company’s expert team curates sound investments, operates with transparency, sustains loyal partnerships and captures consistent value through opportunistic commercial real estate investing. 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

Josh Videlefsky

JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.

 CONTACT:

Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 OAdevelopment.com. 

Tricera Capital, 13th Floor Investments Secure Lease with Echelon Fitness to Anchor The Boulevard’s Retail Component in Miami, FL

 Jennifer Houston

 MIAMI, FL –– Tricera Capital, leading the retail efforts at The Boulevard, finalized a lease with high-profile on-demand exercise firm Echelon Fitness to anchor the ground-floor retail component.

The Boulevard, a 294-unit luxury apartment building, is being developed by 13th Floor Investments in partnership with both Wexford Capital and Tricera.

 Ben Mandell 

“We are thrilled at the opportunity to bring an elite tenant such as Echelon to The Boulevard,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said.

“Echelon is truly disrupting the home fitness industry, they will fit in well with the pioneering technology firms that are increasingly moving to Miami.

"The in-person training component will be a major hit with The Boulevard residents and nearby residents and professionals.”

Mandell and Jennifer Houston, Tricera’s Executive Vice President – Head of Retail Leasing, oversee retail leasing at The Boulevard.

The Boulevard apartments, 294 units 
 5700 Biscayne Boulevard, Miami, FL

Tricera also completed a lease with the popular Crema Gourmet Espresso Bar, which will open a new location at The Boulevard.

Echelon is set to occupy 10,035 square feet at The Boulevard, which will have a total of approximately 27,000 square feet of retail.

 The 2.2-acre development site is located at 5700 Biscayne Boulevard – just 1.5 miles north of Miami’s Design District.

Crema Gourmet Espresso Bar within The Boulevard,
Miami, FL

The duo is finalizing leases with a fast-casual poke concept from Pinecrest, upscale salon and luxury clothing boutique.

The partnership expects to complete The Boulevard and commence resident move-ins during the first quarter of 2022.

“This is a very exciting time to be in Miami and work on a project like The Boulevard,” Houston said.

“We look forward to elevating the MiMo District with compelling new restaurants and high-end boutiques, creating an unparalleled experience for the project’s tenants and visitors.”

For leasing inquiries, please contact Houston at jennifer@triceracap.com.

CONTACT:

Daniel Benjamin

Senior Account Executive

 BoardroomPR

dbenjamin@boardroompr.com

O 954-370-8999

C 954-618-8287

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

 

JLL’s EPC team brings on Property Condition Assessment specialist Javier Seda-Romero

 

Javier Seda-Romero 

ORLANDO, FL – JLL’s Valuation Advisory group announced Javier Seda-Romero has joined its growing Environmental and Property Condition (EPC) team as a Project Management Director specializing in property condition assessments.

 In his new role, Seda-Romero will expand the capabilities of the EPC team. He comes to JLL with more than 20 years of experience in architectural and real estate due diligence fields.

Seda-Romero holds certifications from LEED AP in Building Design + Construction and is a HUD Architectural Application Reviewer for the Multifamily Accelerated Process, along with having certification as an Asbestos Inspector and Project Handler.

Jeff Manas

He has also been a member of InterNACHI since 2013. Seda-Romero has a bachelor’s in architecture, with minors in value engineering and construction management, from Pratt Institute in Brooklyn, New York.

 Led by Managing Director Jeff Manas, the EPC service team offers Phase I ESA and Phase II Oversight Management, along with PCAs, zoning reports, seismic studies, ALTA surveys and green evaluations.

The new service line was announced in April 2021 as part of JLL Valuation Advisory’s ongoing growth strategy and expanded JLL’s capabilities to help clients manage real estate risk. 

CONTACT:

 Kimberly Steele

PR, Capital Markets, Agency Leasing and Valuation Advisory 

JLL

M +1 832 244 9994

JLL.com