Aventon Companies pays $4.25 million for North Jacksonville property

By: Mike Mendenhall

From: Jaxdailyrecord

Aventon Companies LLC announced April 20 it bought 18.86 acres in North Jacksonville for a proposed $52 million, 324-unit apartment community called Aventon Sorraia.

The company paid $4.25 million for the property at 13163 Ranch Road on April 15, according to the deed recorded April 20 with the Duval County Clerk of Courts.

Raleigh, North Carolina-based Aventon bought the land through Jax North Apartment Owner LLC from Blue Sky JAXAP LLC, according to the deed.

In its news release, the company described the development as 12 three-story, “modern farmhouse-style buildings” with one-, two- and three-bedroom apartments.

Burk Hedrick, Aventon Companies vice president of development, said in the release the project will fill an “underserved need for upscale apartment living” near Jacksonville International Airport. 

“Aventon Sorraia will provide a unique living experience and be positioned to complement the ongoing employment growth surrounding the Jacksonville International Airport and River City shopping district,” he said.

The development is near Interstate 95, Max Leggett Parkway and JIA. The River City Marketplace shopping center is about a mile to the east.

Kristine Warner of Aventon-contracted public relations firm Maier  & Warner said in an email April 20 that the developer also closed on the project financing. Warner did not immediately provide additional financing details.

The development will have more than 8,000 square feet of indoor amenity space, including a fitness center and yoga studio; remote work offices and associated remote communication spaces; automated package delivery; a coffee bar; a pet spa; and a social lounge.

The Jacksonville City Council voted 19-0 on April 13 to approve a $250,000 grant to pay for drainage, sod, ditches and road base improvements to Ranch Road to support the development.

Maitland-based Scott + Cormia Architects designed the buildings and Design Environments Inc. of Marietta, Georgia, will complete the interior finishes, the release states.

The city is reviewing 24 building permit applications for the project, formerly called Aventon Jacksonville North Apartments, at a cost of $26.4 million.

Plans show nine 24-unit and three 36-unit structures.  

There also are six six-car garages, a clubhouse and leasing office, a grill pavilion, a dog park pavilion, other structures and hardscape work expected.

The city issued a site-work permit Feb. 9 for $182,300. Aventon Holdings I LLC is listed as the business on the site-work permit.

Blue Sky JAXAP LLC and manager Gregory Morris owned the property, according to county property records. 

Morris announced plans in June 2019 for the Eagle Landings project on 29 acres, which includes the Aventon site. 

He said his plans comprise a $10 million renovation of the adjacent Crowne Plaza Jacksonville Airport Hotel and additional commercial and apartment development. 

At the time, Morris said he planned to sell the 18.86 acres.

Florida strategy

The $52 million Aventon Sorraia is part of the company’s strategy for a $460 million multifamily rental communities investment in Florida, according to the release.

In late February, Aventon Companies announced it began construction on Aventon Gem Lake, which is a 247-unit, waterfront apartment community in the Maitland-Winter Park submarket of Orlando.

According to the release, the company anticipates the 296-apartment Aventon Alaira east of Disney World in Orlando will be completed by the summer.

Aventon also plans to start development on four Florida properties in the Tampa, Orlando and Jacksonville markets this year.

“For decades, Florida has represented a key region of our development activity. The Florida housing market will continue to benefit from accelerating business and personal relocations from other parts of the country, and we will continue to provide high-quality rental housing to serve the growing need.” Hedrick said.