Aventon Starts Apartment Development Near Orlando Airport

The Aventon Companies wasted no time on a multifamily development near Orlando International Airport after purchasing the property last month.

The North Carolina-based company, led by Thomas Keady, has begun construction on Aventon Lake Conway, a 346-unit apartment complex on Hoffner Avenue, the Orlando Business Journal reported.

Aventon purchased the 23-acre site for $10.25 million, or $445,652 per acre, on May 20 from an LLC tied to Floria developer ASolo Acquisitions. The company had financing fully in place when construction began, Aventon's Sean Flanagan said, although terms and financing partners were not disclosed.

The project adds to a wave 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 increase by 32%, with 1,915 units built. Eight other projects, totaling 2,570 apartments, are in preparation.

South of the airport, 3,189 apartments have been built since 2019, representing a 13% increase in inventory. The submarket's average rent is $2,167 per month, the outlet reported, citing CoStar.

Aventon Lake Conway will include one-, two- and three-bedroom apartments. It is expected to include amenities such as a swimming pool, a clubhouse with a fitness center, a coworking space and a pet spa.

This is Aventon's fifth apartment project in Orlando. Leasing of Aventon Isabelle, a 348-unit complex also on Hoffner Avenue, began last year.

The company is optimistic about the area due to its “proximity to many workplaces, the airport, easy access to major transportation routes and a long-standing thriving residential market,” said Flanagan at point of sale.

In January, RentCafe ranked Orlando as the most popular rental market in Florida and seventh in the country. Rankings were based on the rate of available units, page views of rental listings in the city, user favorites of rental listings, and searches saved by users at the city level.

—Quinn Donoghue