(CELEBRATION, FL) — Hines, the international real estate firm, announced today the sale of Aviva at Celebration, a new 290,000-square-foot luxury multifamily project in Celebration, Florida. Southstar Capital Group purchased the asset. Financials on the deal were not disclosed. ARA/Newmark marketed the property on behalf of Hines.
Aviva at Celebration was developed on 14.4 acres and contains 306 units in six four-story buildings. It is the newest addition to the Town of Celebration, a utopian master-planned community developed by The Walt Disney Company and home to over 12,000 people in 5,000+ residences. The chic Art Deco-designed development boasts innovative floor plans, a one-of-a-kind location, a five-star amenity package and exemplary customer service. Aviva at Celebration was the first apartment community in Celebration to offer ground-level parking garages in each building and elevator service in every building.
The property features an array of best-in-class amenities including a clubhouse with media lounge, a sports lounge, a zero-entry saltwater swimming pool, a state-of-the-art fitness center, an outdoor summer kitchen with gas grills and fire pit, and an indoor dog spa and outdoor dog park.
Jon Wood, Hines managing director for Aviva at Celebration, commented, “We have been very pleased with Aviva at Celebration, which demonstrates that distinctive architecture, high-quality building and efficient unit layouts in a desirable location will outperform the market and be attractive to investors.”
Hines Senior Managing Director Michael Harrison added, “The project’s unique location in the supply constrained Celebration submarket, along with its architectural design and amenities, has resulted in a successful lease-up while achieving rents well above pro forma while attracting a very affluent renter profile.”
ARA Executive Managing Director Patrick Dufour commented “ARA is especially excited about the sale of Aviva at Celebration as we were engaged by Hines very early in the process and worked closely with them through construction and lease up monitoring absorption and rents and helping develop the best strategy and timing to go to market.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 192 cities in 20 countries. Hines has $93.2 billion of assets under management, including $47.9 billion for which Hines provides fiduciary investment management services, and $45.3 billion for which Hines provides third-party property-level services. The firm has 105 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,180 properties, totaling over 379 million square feet. The firm’s current property and asset management portfolio includes 483 properties, representing over 199 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.