CALABASAS, Calif., April 13, 2021 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH), a leading provider of high-quality single-family homes for rent, announced today that it recently closed on 94 acres in northeast St. Cloud, Fla., and plans to develop a new community named Pine Grove that will feature 279 single-family homes for lease with extensive community amenities.
This marks the fourth significant land transaction by AH4R in the Orlando market in recent months. When combined with other recent purchases in Apopka, Mascotte and St. Cloud, AH4R has added more than 600 lots to its new development pipeline in the Orlando market.
"This is another excellent example of AMH Development in action. Our unique ability to grow our portfolio through development of new communities really sets our company apart," said Zack Johnson, Executive Vice President of Acquisitions & Development for AH4R. "Our AMH Development capability provides clear visibility to predictable, high-quality portfolio growth for years into the future."
Pine Grove will feature three-, four- and five-bedroom homes ranging in size from approximately 1,600 to 2,500 square feet. The community's extensive onsite amenities will include a clubhouse, fitness center, casual workspace and a resort style pool for resident enjoyment. The neighborhood will provide residents with quick access to schools, local job centers, dining, shopping and entertainment options. Land development activities will soon begin and Pine Grove plans to welcome its first residents in 2023.
"Pine Grove will be a compelling and attractive new housing choice for those looking to enjoy all the benefits of single-family community living, with the flexibility and low maintenance lifestyle of leasing," said Brent Landry, Senior Vice President of Development for AH4R. "Pine Grove will be a tremendous addition to our existing portfolio of homes in the greater Orlando area."
The 94 acres of undeveloped land was previously owned by Larson Brothers Inc.
"We're excited to complete this transaction with American Homes 4 Rent and watch them develop another new single-family rental home community in fast-growing Osceola County," said Gary and Randy Larson of Larson Brothers Inc. "We owned the property for many years and had to overcome significant obstacles to get to this point. American Homes 4 Rent is an ideal partner with a dedicated team that worked countless hours to help close this deal."
AH4R currently has a portfolio more than 1,700 units in the Orlando market, where its four new home communities include Celery Cove, Crestridge at Leesburg, Sedona and Zarabrooke.
Visit us at www.ah4r.com to learn more about floorplans, pricing and availability of communities and homes in the Orlando area.
About American Homes 4 Rent
American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and "American Homes 4 Rent" is a nationally recognized brand for rental homes, known for high-quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing and operating attractive, single-family homes as rental properties. As of December 31, 2020, we owned 53,584 single-family properties in selected submarkets in 22 states.
Additional information about American Homes 4 Rent is available on our website at http://www.ah4r.com.
Contact: American Homes 4 Rent Media Relations Megan Grabos Phone: (805) 413-5088 Email: [email protected]