Hunt Cos. Launches New Residential Division
Avanta Residential will construct single-family rental communities and announce its first project within the next three months.
Hunt Cos. has launched a new business unit called Avanta Residential that will focus on building market-rate single-family rentals. Specifically, the new division will be focusing on a section of the multifamily market that features communities with many amenities, privacy, parking, and personal outdoor space. Avanta is planning to meet the growing demand of residents who want the convenience and flexibility of renting, but the space and privacy that comes with homeownership, James Dobbie, president of Avanta Residential, said in prepared remarks.
“Avanta projects are neighborhoods with around 200 units that can provide amenities and a community feel that Millennials and empty nesters desire in today’s market,” Dobbie told Multi-Housing News.
Dobbie also told MHN that Avanta is pursuing projects throughout the U.S. but specifically in Texas, Georgia, Florida, Colorado, and North and South Carolina. According to Dobbie, Avanta has multiple roughly 200-unit projects that are expected to break ground in 2020 in Austin, Houston and Georgia. Dobbie added that the new division is looking to announce its first project within the next three months.
MEETING A NEW DEMAND
As Hunt has spent more than 30 years developing, building and operating more than 70,000 military homes, Avanta will carry that experience over into creating non-military market-rate rentals, Dobbie told MHN. Hunt Cos. and its partner Oakwood Development Group also recently broke ground on a $166 million mixed-income, mixed-use development in Atlanta.
“We believe that there is an unmet need in the market for thoughtful, well-designed, for-rent single-family homes,” Dobbie told MHN. “Different than apartments, these homes provide the privacy, community, convenience of parking and personal outdoor space that many crave.”