American Homes 4 Rent to Develop 279-Home Community
The company has acquired 94 acres of land in St. Cloud, FL for the single-family homes development.
ST. CLOUD, FL – American Homes 4 Rent has acquired 94 acres of land in St. Cloud, FL with plans to develop a community of 279 single-family homes for lease.
The single-family homes provider purchased the undeveloped land from Larson Brothers Inc.
The community, Pine Grove, will feature three-, four- and five-bedroom homes, ranging in size from 1,600 square feet to 2,500 square feet. The development will offer on-site community amenities, including a clubhouse, fitness center, workspace and resort-style pool.
The community is projected to be complete 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,” states Brent Landry, SVP of development for AH4R. “Pine Grove will be a tremendous addition to our existing portfolio of homes in the greater Orlando area.”
The acquisition serves as AH4R’s fourth significant transaction in the Orlando market within recent months. The company has added more than 600 lots to its new development pipeline within the area, upon recent acquisitions in Apopka, FL, Mascotte, FL and St. Cloud, FL. AH4R currently has a portfolio more than 1,700 units in the Orlando market.
“This is another excellent example of AMH Development in action,” says Zack Johnson, EVP of acquisitions and development at AH4R “Our unique ability to grow our portfolio through development of new communities really sets our company apart. Our AMH Development capability provides clear visibility to predictable, high-quality portfolio growth for years into the future.”
“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,” state Gary Larson 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.”