PPF Real Estate has teamed up with US developer Aventon Companies to enter the US residential market. Together they will build a residential complex with more than 300 residential units in Orlando, Florida by 2023. PPF intends to replicate this model of cooperation in other projects in the US, the company announced.
PPF Real Estate Holding is continuing its plan to diversify its business geographically by entering the US real estate market. PPF has partnered with US developer Aventon Companies to build a residential complex in Orlando, Florida. The project follows the acquisition of Orlando's SouthPark Center office building. The original transaction in December last year involved the purchase of 12.5 hectares of land for future development.
PPF Real Estate and Aventon Companies have formed a joint venture, in which PPF Real Estate is the majority partner, to implement the new development project. Located adjacent to the SouthPark Center project, the Aventon Opal project will offer more than 300 residential units. Plans call for the development of 4-5 story homes with front gardens and a community park. The project was designed by Scott + Cormia Architecture & Interiors. According to PPF, completion is expected during 2023. This is Aventon's fourth residential project in this location.
"PPF Real Estate welcomes the formation of a joint venture with successful developer Aventon Companies. We look to replicate this model of collaboration and business partnership in other planned investments in the broader Sun Belt region of the Southeastern U.S.," said Aaron Smith, managing director of PPF Real Estate USA.
The total investment allocation for these transactions and future business development in the US market has exceeded $500 million after one year of PPF Real Estate's presence in the Americas.
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