Avanti Residential has partnered with FCP in the acquisition of Omnia on Thomas, a 382-unit apartment community in Phoenix, for $65 million. Recognized for its chic and colorful exterior with a coveted American Society of Interior Designers (ASID) Adaptive Use Award, the project will receive a fresh capital infusion of approximately $12,000 per unit, largely in interior apartment upgrades.

“This is a unique opportunity to invest in a project and local submarket we know quite well, and with a known entity in FCP, a group with whom we have previous investment experience,” said Christian Garner, president of Avanti Residential. “This acquisition allows for a meaningful capital reinvestment in the property that will further enhance the resident experience.”

READ ALSO: Renters now need to work 6 hours more to pay rent than pre-pandemic

READ ALSOArizona No. 2 for largest house price appreciation

Omnia on Thomas is located at 1645 E. Thomas Rd. just east of State Route 51 and adjacent to Phoenix Children’s Hospital, with direct access to the desirable Central Avenue Corridor and Camelback Corridor. The project features a mix of studio, one- and two-bedroom apartments, four swimming pools, a fitness center, and five EV charging stations.

Avanti also closed last month on the 342-unit Artistry apartments in downtown Kansas City, Missouri, marking the firm’s seventh investment in that market. Avanti has rebranded the property as Arte KC, a brand established by Avanti last year for a high-end lifestyle-forward apartment community in downtown St. Petersburg, Florida.

Avanti owns and operates approximately 9,000 apartments in Colorado, Arizona, Utah, greater Kansas City and Florida. The firm is selectively acquiring core-plus and value-add apartment projects on behalf of Avanti’s institutional and private capital partners. 

“Despite the shifting investment environment, we continue to find opportunities where we can leverage established relationships and local market knowledge to uncover acquisitions that provide attractive risk adjusted returns,” added Garner.