Avanta Residential Reaches Financial Close and Inks Deal for Homes at The Colony Outside Austin
DENVER, Feb. 1, 2021 /PRNewswire/ -- Avanta Residential, the single-family rental affiliate of Hunt Companies, announced today that the firm will develop 216 rental homes at The Colony near Austin, Texas. Financial close was secured with Alliance Bank of Arizona, a division of Western Alliance Bank, Member FDIC, as the construction lender. This will mark Avanta's first project under the Avanta brand, building upon Hunt's real estate experience.
"We are excited to bring Avanta Residential to The Colony," said Rick Neff, General Manager of The Colony. "We believe adding to the diversity of product with quality developers, like Avanta, is a key differentiator and makes The Colony a preferred place to live."
Avanta plans to build more than 200 single-family rental homes at the corner of Sam Houston Drive and FM 969 within The Colony, a 2,300-acre master-planned community. The Avanta neighborhood will include community amenities such as a clubhouse and pool, walking trails with fitness stations, open play areas, and playgrounds.
"Avanta has put together first-in-class partners and consultants to deliver special neighborhoods which enhance the overall master-plan," said Avanta President Jim Dobbie. "There is a demand in the market for high-quality rental homes which give the flexibility of renting with the feeling of home-life."
"The single-family rental home category is one of the most dynamic sectors within the residential real estate space in the U.S., so it's fitting that Avanta establishes a footprint at The Colony," said Tom Smith, Senior Vice President of Commercial Real Estate for Alliance Bank of Arizona. "With a personalized, customer-focused approach that delivers smart banking and financial solutions, Alliance Bank of Arizona looks to be a valuable resource, offering the capabilities and tools our clients need to bring developments like these to life."
Avanta plans to break ground in early 2021 and will deliver the homes for rent in 2022.
About Avanta
Avanta Residential is the single-family rental division of Hunt Companies, Inc. (Hunt). Drawing on Hunt's extensive real estate background and more than $8.5 billion in completed real estate developments, Avanta is positioned to set the standard for the industry by creating neighborhoods comprised of single-family homes for lease. For more information, www.avantaresidential.com.
SOURCE Avanta Residential
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