Residential
Orlando
Orlando is Florida’s most-popular rental city
Trending
Aventon starts sprawling apartment development near airport
346-unit complex adds to slew of multifamily projects in fast-growing submarket
Aventon Companies wasted no time turning dirt for a multifamily development near Orlando International Airport after buying the property last month.
The North Carolina-based firm, led by Thomas Keady, has started construction on Aventon Lake Conway, a 346-unit apartment complex on Hoffner Avenue, the Orlando Business Journal reported.
Aventon bought the 23-acre site for $10.25 million, $445,652 per acre, on May 20 from an LLC tied to Floria developer ASolo Acquisitions. The company had financing fully in place upon starting construction, said Aventon’s Sean Flanagan, although terms and financial partners were not disclosed.
The project adds to a flurry of multifamily development in the area around the airport, which is about 25 minutes southeast of downtown Orlando. Since 2019, the area north of the airport has seen its apartment stock rise by 32 percent, with 1,915 units built. Eight more projects, totaling 2,570 apartments, are in the pipeline.
South of the airport, there have been 3,189 apartments built since 2019, marking a 13 percent rise in inventory. The submarket’s average rent stands at $2,167 per month, the outlet reported, citing CoStar.
Aventon Lake Conway will comprise one-, two- and three-bedroom apartments. It’s set to include amenities such as a pool, clubhouse with a fitness center, coworking space and a pet spa.
It’s Aventon’s fifth apartment project in Orlando. Leasing for Aventon Isabelle, a 348-unit complex also on Hoffner Avenue, started last year.
The company is bullish on the area due to its “proximity to numerous places of employment, the airport, easy access to major transportation thoroughfares and a long standing successful residential market,” Flanagan told the outlet.
In January, RentCafe ranked Orlando as the most popular rental market in Florida and seventh most popular in the country. The rankings were based on the rate of available units, page views of rental listings in the city, user favorites of rental listings, and saved searches by users at the city level.
—Quinn Donoghue
Read more
Orlando
Emerson begins luxury apartment project in north Orlando suburb
Development
National
Meyers Group eyes massive entertainment district near Disney World