FCP And Aventon Announce JV For Development Of Aventon Clearwater Class A Apartments

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Sep 22, 2021, 14:07 ET

CHEVY CHASE, Md., Sept. 22, 2021 /PRNewswire/ -- FCP_® and Aventon Companies announce a joint venture for the development of Aventon Clearwater Apartments in Clearwater, FL. The 396-unit, Class A multifamily community will feature three-story buildings on U.S. Highway 19, and easy access to major employment centers, retail, and Florida's stunning Gulf Coast beaches.

"Aventon Clearwater is an outstanding opportunity for FCP to invest in our first joint venture with the Aventon Companies, a highly respected apartment developer," said FCP's Bruce Gago, who heads the firm's Florida office as Vice President - Acquisitions. "We believe this new ground-up multifamily development comes at a critical time to help alleviate the general housing shortage."

"We are very excited to launch our first partnership with FCP, one of the most well-regarded real estate investors in the Country. And we are thrilled to begin construction on Aventon Clearwater, our newest project in Florida, especially during a time when high quality rental housing is sorely needed," said Burk Hedrick, Vice President of Development for Aventon Companies.

Aventon Clearwater will feature spacious apartment floorplans built on an expansive, lush site which will include a resort-style pool and fitness center, a dog park, and playground. The apartment homes will be equipped with upscale finishes including quartz countertops, stainless steel appliances, and state-of-the-art technology.

In addition to delivering a top-notch living experience, Aventon Clearwater will offer its residents a superb location within Pinellas County. The property is situated within a mile of Whole Foods, Fresh Market, Publix, and a host of quality retail amenities. Furthermore, the location provides convenient access to employment centers, including BayCare Health Systems, Mease Countryside Hospital, Morton Plant Hospital, the Lockheed Martin Tactical Facility, and Tech Data Corporation.

About FCP
FCP_® is a privately held real estate investment company that has invested in or financed more than $8.6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.

About Aventon Companies
Aventon Companies acquires, develops, and manages multifamily communities in Florida, Georgia, the Carolinas and the Mid-Atlantic with regional offices in West Palm Beach, FL, Orlando, FL, Raleigh, NC and Bethesda, MD. In just under three years, Aventon Companies has assembled an impressive $1.5 billion portfolio of ground-up developments bringing nearly 6,000 Aventon-branded apartment homes to Florida, Georgia, the Carolinas, and the Mid-Atlantic. To learn more, visit www.aventoncompanies.com.