Aventon Companies Continues Investing in Florida Multifamily with Closing of 324-Unit Jacksonville Ground-up Community
Multifamily developer building on $460 Million pipeline of upscale Florida rental communities
Jacksonville, Florida (April 14, 2021) – Aventon Companies closed on its third Florida multifamily development project in the past 12 months with Aventon Sorraia and is set to start construction on the 324-unit apartment community set on 18.86 acres at 13163 Ranch Road in North Jacksonville.
“We are excited to bring the Aventon brand to a market that has an underserved need for upscale apartment living,” said Burk Hedrick, vice president of development for Aventon Companies. “Aventon Sorraia will provide a unique living experience and be positioned to complement the ongoing employment growth surrounding the Jacksonville International Airport and River City shopping district.”
The new community, located just off the I95/Max Leggett Parkway interchange will include twelve, three-story, modern farmhouse-style buildings offering spacious one, two and three-bedroom apartment homes with market-leading finishes and technology. The new community will include more than 8,000 square feet of indoor amenity space, including a state-of-the-art fitness center and yoga studio, remote work offices and associated remote communication spaces, automated package delivery, coffee bar, pet spa, and a pool-side social lounge. Outdoor spaces will include a private resort-style pool, cabanas with day beds, hammock garden, outdoor kitchen with grills and dining spaces, walking trails, and a dog park. The community will also include covered parking for residents.
Maitland, FL-based Scott + Cormia Architects designed the buildings and Marrietta, GA-based Design Environments, Inc. will bring its trendsetting finishes to the interiors.
Aventon Companies announced late February the start of construction on Aventon Gem Lake, a 247-unit, waterfront apartment community in the Maitland-Winter Park submarket of Orlando. Anticipated to deliver later this summer is Aventon Alaira, bringing 296 apartment homes to Orlando just east of World Center and Disney. The company has plans to initiate development on four additional Florida properties in the Tampa, Orlando and Jacksonville markets later this year. This portfolio of Florida properties will represent a $460 million investment and include over 2200 units.
“For decades, Florida has represented a key region of our development activity. The Florida housing market will continue to benefit from accelerating business and personal relocations from other parts of the country, and we will continue to provide high-quality rental housing to serve the growing need”, said Hedrick.
In just under three years, Aventon Companies has aggressively assembled an impressive portfolio of ground up development and currently has over $410 million of projects under construction bringing nearly 2,000 Aventon-branded apartment homes to economically strong submarkets in Florida, Georgia, the Carolinas, and the Mid-Atlantic. The company also has a near term development pipeline of another 3,300 units with an investment of nearly $800 million in these same markets.