To meet the demand for luxury housing, Aventon Cos. has begun construction on its fourth apartment community in the Orlando, Florida, metropolitan area. The Class A Aventon Opal, with four- and five-story buildings, will sit on nearly 12.4 acres. Luxury one-, two-, and three-bedroom apartments will be available.
"With home values in Orlando continuing to skyrocket and the market becoming one of the most desirable in the country given its year-round seasonable temperatures and proximity to the nation's entertainment capital, the need for high-quality housing is at an all-time high," says Burk Hedrick, vice president of development for Aventon Cos. "We are excited to deliver another Aventon community that residents are able to proudly call home."
Residents will enjoy top-of-the-line outdoor amenities including a resort-style pool, private cabanas, and a summer kitchen complete with grills and an outdoor pizza oven. Inside, a social lounge with a wet bar, a television, and a poker table is just the start. Common spaces will also include a micro market, a 24-hour fitness center, and a clubroom with a remote working lounge featuring five private offices, several booths, communal work spaces, and a conference room. Pet lovers will appreciate the pet spa and dog park.
Aventon Opal’s buildings were designed by Orlando-based Scott + Cormia Architecture & Interiors and the interiors by Beasley & Henley of Winter Park, Florida. Aventon Cos. has also chosen PPF Real Estate, a subsidiary of PPF Group, as a co-investment partner. This is the second investment by PPF Real Estate in the Orlando area, having acquired the SouthPark Center for $315 million in December.
"PPF Real Estate is enthusiastic about the creation of a joint venture with Aventon Cos., a development firm with a strong track record of success,” says Aaron Smith, managing director for PPF Real Estate. "We look forward to replicating this partnership in other investments in the Sun Belt region.”
Since 2019, Aventon Cos. has assembled a $1.5 billion portfolio of ground-up developments that are expected to bring nearly 6,000 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic. Aventon Opal is set to open in 2023.
