xml:space="preserve">
xml:space="preserve">
Advertisement

North Carolina-based Aventon Companies buys multifamily development site in Maitland

Amenities at the new five-story, mid-rise building include a fitness center, resort-style pool, a hammock garden, and a dog park.
Amenities at the new five-story, mid-rise building include a fitness center, resort-style pool, a hammock garden, and a dog park. (Aventon Companies)

Raleigh, North Carolina-based Aventon Companies just paid $8.9 million for a multifamily development site in Maitland with plans to begin construction soon on luxury apartments.

Records show Aventon purchased three acres south of the 237-unit Adeline apartment complex at 304 Lake Avenue. The development site along Monroe Avenue lies on the northern tip of a larger master-planned community located between Lake Gem and Orlando Avenue.

Advertisement

Winter Park’s Ravaudage developer Dan Bellows is behind the Gem Lake Water District that will adjoin his Rauvadage community in Winter Park, to the south. Records show companies linked to Bellows’ Sydgan Corp. sold the three-acre property to Aventon.

The 247-unit apartment development will rise on the northern tip of the 18-acre Gem Lake Water District PD in Maitland.
The 247-unit apartment development will rise on the northern tip of the 18-acre Gem Lake Water District PD in Maitland. (City of Maitland/GrowthSpotter)

The multifamily company is led by former Bainbridge Companies principals who developed the 278-unit luxury apartment building in Ravaudage and sold it to Miami-based real estate investment firm Starwood Capital Group in 2019 for $86 million.

Burk Hedrick, vice president of development for Aventon Companies, told GrowthSpotter the firm plans to deliver the same kind of upscale product as the apartments in Winter Park.

Plans call for a five-story, mid-rise apartment building with 247 units and a five-story parking garage that can accommodate a little more than 400 spaces.

Scott + Cormia Architecture & Interiors is the architect and Winter Park-based Beasley Henley Interior Design will be designing the interiors.

Aventon Gem Lake will include a mix of one-, two- and three-bedroom apartments. The project will provide more than 12,000 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.

Other notable features include automated package delivery, indoor/outdoor private dining room, coffee bars, a pet spa, and a poolside social lounge.

Outdoor spaces will include a private resort-style pool, cabanas with day beds, hammock garden, outdoor kitchen with grills and dining spaces, and a dog park. The community will also include covered, secured structured parking for all residents.

The apartments are part of the first phase of the Gem Lake Water District Planned Development that currently allows for about 360,000 square feet of commercial space, Bellows told GrowthSpotter.

With the construction of the new apartments, that leaves about 180 multifamily units left to be developed within the 18-acre PD, he said. Bellows adds he has about 35 acres around the lake, and the Gem Lake Water District PD makes up about 18 acres. He said he plans to further expand entitlements for construction at a later time.

The Gem Lake Water District will feature a mix of office, retail, and restaurants, in addition to waterfront open space, bike paths and multiple boardwalks over the water.

The project, just five minutes away from the RDV Sportplex, will feature a speak-easy, golf simulator, rooftop bar and doggy balconies on each floor.

Plans for the apartments recently received the green light from Maitland’s Development Review Committee and Aventon is now in the permitting process, Bellows said.

The company is a multifamily real estate firm that acquires, develops and builds apartment communities in Florida, Maryland, Virginia, North Carolina, Georgia, South Carolina and Tennessee.

Aventon currently has over $350 million in projects under construction. In Orlando, it is in the midst of completing a 296-unit project called Aventon Alaira. The multifamily building is set to open this May in Lake Buena Vista, Hedrick said.

Advertisement

According to a news release, Aventon Companies intends to break ground on an additional 2,800 units with an investment of nearly $650 million in Florida, Georgia, the Carolinas, and the Mid-Atlantic. It has at least five communities under development in Florida, including areas in Orlando, Jacksonville, Tampa and Miami.

Other active developers in Maitland include NVision Development, which just recently launched the second multifamily phase of MMI Development’s Maitland West mixed-use community.

NVision wants to build a 385-unit apartment building called Aspen at Maitland West that will rise next to Tiffany at Maitland West, a 315-unit multifamily development, built in 2018, at 9301 Summit Centre Way.

The Maitland submarket has drawn the likes of developers like Miami-based Related Group and North Carolina-based Harbour Retail Partners, which is building the first phase of the Shoppes at Trelago project in Maitland.

In 2019, Related Group sold its 350-unit Town Trelago apartment community for $105 million to multifamily development, investment and management firm, Kettler.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Advertisement
Advertisement