Multifamily developer Aventon Cos. has broken ground on Aventon Opal, a new Class A apartment community within the Orlando, Fla., metropolitan market. The 308-unit multifamily community, Aventon’s fourth within the area, will be situated on approximately 12.4 acres and will feature four- and five-story buildings.
Aventon opted to team with PPF Group subsidiary PPF Real Estate as a co-investment partner. This will be the second Orlando-area investment by PPF Real Estate, following its $315 million acquisition of SouthPark Center last December.
The rental property will offer one-, two- and three-bedroom floorplans. Common-area amenities will include a clubroom with a remote working lounge encompassing five private offices, a number of booths, communal work spaces and a conference room.
The Aventon Opal buildings were designed by Orlando-based Scott + Cormia Architecture & Interiors. The interior design was handled by Beasley & Henley of Winter Park, Fla. The apartment community is slated for first move-ins in 2023.
In a statement, an Aventon Cos. official noted skyrocketing Orlando home values reflect the desirability of the metro area, and have ratcheted to an unprecedented level the need for high-quality housing. Given that environment, the company is gratified to be able to help meet the rapidly growing housing demand in the market.
In recent years, the company has built a $1.5 billion portfolio of developments across Florida, Georgia, North and South Carolina and the Mid-Atlantic region.
In its prepared statement, a PPF Real Estate official said firm executives are enthusiastic about the creation of a partnership with Aventon Cos. and eagerly anticipate continuing the partnership in future Sun Belt region investments. Last month, an Orlando multifamily report indicated a strong performance.