Aventon Companies Kicks off Construction on 3rd Orlando Apartment Development Since mid-2020
Transaction builds on an under-construction portfolio and controlled pipeline of more than 2,600 modern apartment units in Florida.
Orlando, Florida (August 31, 2021) – Aventon Companies, a prominent multifamily developer with active projects in the mid-Atlantic and the southeast, announced it has commenced development on its third apartment community in the Orlando market in just over a year.
Aventon Belle Isle, located at 5051 Hoffner Avenue, is a 24-acre, 348-unit, amenity-rich apartment community located just two miles from Orlando International Airport.
“We are incredibly fortunate to continue to find opportunities in the Orlando area where we can offer our unique brand of high-end apartment living,” said Burk Hedrick, vice president of development for Aventon Companies. “Strong market fundamentals and pent-up demand for quality rental housing make this an ideal market for investment.”
Aventon Companies is teaming up with Boston-based CrossHarbor Capital Partners to develop Aventon Belle Isle. “We are very excited to partner with the Aventon Companies in the development of this exciting project,” said Neal Opper, managing director of CrossHarbor Capital Partners. “We look forward to providing more high-quality rental housing in the Orlando market”.
Aventon Belle Isle will include twelve, garden style buildings offering spacious and artfully designed apartment homes with one, two and three-bedroom floorplans featuring 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.
Maitland, FL-based Scott + Cormia Architects designed the buildings and Marrietta, GA-based Design Environments, Inc. will bring its trendsetting finishes to the interiors.
With the addition of Aventon Belle Isle, Aventon Companies now has 891 apartment units under construction in the Orlando area. Aventon Alaira, just east of World Center and Disney, will deliver 296 units and recently opened its clubhouse, while Aventon Gem Lake will deliver 247 units to the Winter Park submarket in 2022.
Over the past 15 months, Aventon Companies has started construction on 1,215 apartments in four apartment communities in the Orlando and Jacksonville markets. The company also has a controlled pipeline of projects concentrated in Florida in the Orlando, Tampa and Jacksonville, markets and anticipates starting construction on 1,400 additional units within the next twelve months.
In just under three years, Aventon Companies has assembled an impressive $550 million portfolio of ground-up developments bringing more than 2,600 Aventon-branded apartment homes to strong submarkets in Florida, Georgia, the Carolinas and the Mid-Atlantic. The company has a near term development pipeline of another 3,800 units representing an investment of nearly $840 million across these same markets.