Advertisement
Multi-Family Residential Developments

Pompano Beach investor buys Aventon Alaira apartments in Orlando for $109M

Aventon’s 296-unit ground-up Orlando development, Aventon Alaira, has sold after achieving stabilization in under 5 months.

Just five months after welcoming its first tenants, Orlando’s Aventon Alaira apartments has sold for $109 million — or $396,087 per unit — to a Pompano Beach-based investor who’s growing his own brand of luxury multifamily communities.

Following the transaction, the 296-unit complex at 6011 Vineland Resort Way now carries a new name: SUR Lake Buena Vista. There are two other SUR-branded apartments in Florida — one in St. Petersburg and one in Jacksonville. This is Orlando’s first.

Advertisement

Wellington-based Bainbridge Companies has been tabbed to manage the SUR Lake Buena Vista community, according to its website. Bainbridge manages 28 apartments in Florida, including seven in Orange and Seminole Counties.

Raliegh-based Aventon Company announced the sale of its Alaira property on its LinkedIn page.

Advertisement

“Aventon’s 296-unit ground-up Orlando development, Aventon Alaira, has sold after achieving stabilization in under 5 months!” the post says. “During this record-setting lease up, Aventon Alaira averaged over 40 net leases each month.”

A company led by Viewpoint Equities CEO Gregg Seaman completed the transaction on May 9. The Guardian Life Insurance Company of America provided $72.5 million in financing to Seaman’s Sur LBV LLC for the acquisition.

Seaman acquired an apartment community in Jacksonville earlier this year that was re-branded to SUR Southside Quarter Apartments, also managed by Bainbridge.

There’s also a Sur Club in St. Petersburg.

The new apartment community features three multifamily buildings ranging between 4- and 5-stories in height. Apartments have a mix of one-, two- and three-bedrooms. The community is centered by an 8,000-square-foot clubhouse and a 15,000-square-foot resort pool courtyard. Residents have access to pet play areas, pet washing stations, a business center, a clubhouse, a fitness center, bike storage, grilling stations and a pool area with a sundeck and cabanas.

Sur Lake Buena Vista is located just minutes from Orlando’s prime shopping, restaurants, theme parks and major highways including 417 and Interstate 4.

Raleigh-based Aventon Companies purchased the 10.7-acre plot of land for $7.27 million in 2020 and completed the project in 2021. The developer is building a sister community with another 308 rental units on about 12.5 acres just south of the Alaira complex.

Aventon has communities in Orlando, Jacksonville, Tampa and Miami. In 2021, the company expected to break ground on 2,800 units throughout Florida, Georgia, the Carolinas, and the Mid-Atlantic this year, according to a news release.

Advertisement

As of January of this year, the company had a $1.5 billion portfolio of ground-up developments with nearly 6,000 Aventon-branded apartment homes in those areas, according to the company’s website.

Its founders are former Bainbridge Companies principals. The multifamily company is seeking to build an additional 308 rental units on about 12.5 acres just south of the Alaira apartments.

Aventon owns two other apartments in Orange County: Aventon Gem Lake in Winter Park and Aventon Isabelle in Orlando.

Have a tip about Central Florida development? Contact me at (407)-800-1161 or dwyatt@GrowthSpotter.com, or tweet me at @DustinWyattGS. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


Advertisement