Greystar has quietly bulked up its South Florida holdings, scooping up a pair of Avana garden-style apartment communities totaling 639 units across the Davie and Delray Beach submarkets. The purchases are backed by a $150.8 million financing package, a clear sign that institutional investors are still hungry for metro Miami rentals even as some market fundamentals start to wobble.
According to Multi-Housing News, Greystar acquired ownership stakes in Avana Delray Beach (324 units) and Avana New River (315 units) through two separate transactions and lined up roughly $150.8 million in debt tied to the buys. JLL originated a $67.4 million Fannie Mae loan secured by the Davie asset at a 4.8 percent interest rate, while MF1 Capital funded an $83.4 million loan for the Delray Beach property.
Greystar is the largest apartment operator in the United States, managing more than 1 million units and overseeing roughly $300 billion of real estate, per Greystar. The latest purchases extend the company’s Avana-branded footprint in South Florida, following a run of high-profile regional acquisitions last year.
What Greystar bought
Avana Delray Beach is a 324-unit property delivered in phases in 1998 and 2014, while Avana New River is a 315-unit community completed in 2001. The complexes feature one- to three-bedroom layouts, with advertised average unit sizes of roughly 1,006 square feet in Delray Beach and about 1,213 square feet in Davie. Both garden-style communities sit within around 50 miles of downtown Miami and offer quick access to Interstate 95, Multi-Housing News reports.
Why it matters for South Florida
Buyers have returned to South Florida multifamily even as the region works through a hefty wave of new supply, and lenders are increasingly gravitating to deals with straightforward financing structures and clear operational upside. Local industry coverage notes that 2025 saw rising deal activity while some submarkets posted softer asking rents and only marginal occupancy shifts, underscoring a cautious, highly selective environment for big institutional players like Greystar, according to Citybiz. That split between strong sales volume and mixed fundamentals helps explain why garden-style properties with financeable profiles are still changing hands.
Greystar will take over management of both communities as they are folded into its operating platform. Residents are unlikely to see immediate upheaval, but the company may roll out targeted capital improvements and operational tweaks over time. Any related financing documents and repositioning plans should surface in county records and lender filings in the coming months.
