Greystar Real Estate Partners has sold Avana Isles, a 214-unit Class A apartment community in the Boynton Beach / Delray Beach submarket of Palm Beach County, Florida, on behalf of its real estate funds. The sale price was not disclosed.
“We are very pleased with the outcome of this transaction,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “The price we were able to command reflects the significant value we manufactured over the hold period. It also demonstrates the effectiveness of our value-add strategy, which has proven to generate strong results in all market environments.”
Located at 7132 Colony Club Drive, Greystar Real Estate Partners acquired Avana Isles in July 2015 and shortly after commenced a capital improvement plan to unlock embedded value and enhance the resident experience. All of the property’s common areas have been renovated along with the majority of its residential units, helping to drive rent growth. These improvements, together with Avana Isles’ quality location and South Florida’s strong fundamentals, made the property a highly attractive acquisition target.
As the nation’s largest apartment operator, Greystar currently manages over 10,617 units in the Miami-Ft. Lauderdale metro area, approximately 35,063 in Florida, and more than 500,000 units globally.
Newmark Knight Frank Multifamily Vice Chairmen Hampton Beebe and Avery Klann, along with Director Jonathan Senn, exclusively represented Greystar in the disposition to Southstar Capital Group.
Beebe added, “Avana Isles presented a unique opportunity to acquire a rare 2000+ vintage garden-style asset with value-add upside, which is difficult to find in Palm Beach County.”