The Avery Apartment Complex Sold for $51 Million Near Valencia College
Sale and Ownership
The Avery, a 200-unit apartment complex close to Valencia College in East Orlando, has been sold for $50.5 million. The new owner is Avanti Residential, a Colorado-based owner-operator known for managing several residential properties. The seller was Valencia College Lane LLC, an entity linked to Washington, D.C.-based Republic Properties Corporation.
Location and Amenities
Nestled at 1000 Avery Village Loop on the north side of Valencia College Lane, The Avery spans 7.8 acres of land. The complex features a variety of amenities to enhance the living experience, including a pool and entertainment deck, a state-of-the-art fitness center, and a welcoming clubhouse.
Floor Plans and Pricing
The Avery offers a range of floor plans to accommodate diverse needs, with 1-, 2-, and 3-bedroom models available. Rental prices at the complex start at $1,644 per month, providing residents with affordable luxury in a prime location.
Proximity to Valencia College
Located less than a mile from Valencia College, The Avery is perfectly positioned for students and faculty members. Valencia College experienced a record-breaking enrollment for the 2023-2024 academic year, with 49,204 students signed up for the fall semester of 2024, emphasizing the ongoing demand for nearby housing.
Market Context
Central Florida has become a hotspot for student housing investment, with multiple projects and acquisitions occurring around key educational institutions such as the University of Central Florida (UCF) and Full Sail University. The Avery’s sale exemplifies the area’s dynamic real estate market, particularly in student-centric areas.
Avanti Residential’s Portfolio
The acquisition of The Avery expands Avanti Residential’s footprint in Florida, bringing their total to seven apartment buildings in the state. The company also owns significant properties like the Casa Mirella Apartments in Windermere, reflecting their continued commitment to growth in prime locations.
Enrollment and Housing Demand
Valencia College surpassed Florida State University in Tallahassee for the fall semester of 2024 regarding enrollment, highlighting the increasing demand for quality housing options in the area. Over half of the schools tracked by Yardi Matrix have reported that more than 95% of their student housing is preleased as of October 2023. Additionally, the University of Central Florida hosts over 17,150 completed off-campus student housing beds, with a notable 9.3% year-over-year rent growth.
Other Development Projects
To meet the escalating demand, several student housing projects are underway in the region. Notably, a new 626-bed facility near UCF is being developed by Subtext Living, alongside a potential 2,400-bed project currently being planned near Full Sail University. These projects are set to cater to the growing student population and further bolster the local housing market.
