Colorado-based Avanti Residential has scooped up the Artistry St. Pete apartment complex in a $92.35 million deal.
The sale between Avanti Residential and Indiana-based developer Milhaus closed on Dec. 3, according to Pinellas County property records.
Artistry St.Pete, located at 1601 Central Ave. between the Grand Central District and the Edge District, is a mixed-use development that opened in 2020 with 246 apartments and 10,000 square feet of commercial space. It’s known for its art collection.
Avanti took out a roughly $28.3 million mortgage loan from Berkeley Point Capital LLC for the purchase.
Milhaus and Avanti Residential were not immediately available to comment on the purchase of the mixed-use development.
However, KW Commercial’s Jake Wollman, who represents the landlord in retail leasing, said a broker who was involved in the $81.5 million sale of the adjacent 1701 Central apartment complex approached the Artistry team about the opportunity to sell.
“Avanti is very focused on retail and is excited to fill the single available endcap space facing 16th Street and Central Avenue,” Wollman said.
Wollman said there are multiple letters of intent to fill the single vacant 4,000-square-foot space. The space would most likely house a fitness studio or a full-service restaurant user, as it is structured to have outdoor space for seating.
“This will be the most indicative retail location when it comes to the branding of Artistry,” Wollman said.
Artistry St. Pete’s tenants include Mibella Nails Lounge and Spa; Mammamia Gelato Italiano, an Italian gelato shop; and Raining Berries, which will open this month and serve acai bowls.
Artistry St. Pete’s apartment units are currently fully leased. The apartments range from studios to three-bedroom units. In addition to the dog park and fitness centers, there’s a pet spa, maker’s space, co-working lounge, and a pool and rooftop lounge, as well as 324 parking spaces.