BOCA RATON, Fla., April 20, 2023 /PRNewswire/ — Mill Creek Residential, a leading investment manager, developer, builder, and owner-operator specializing in rental housing communities across the U.S., today announced plans to develop the first single-family rental community on behalf of its separately managed account (SMA) with PCCP, LLC, a US-based commercial real estate investment manager. The SMA recently acquired a 25-acre site along Freedom Road in Kissimmee, Florida and Mill Creek will soon commence the ground-up development of Amavi Kissimmee, a 187-home, Class-A townhome community.
Amavi is Mill Creek’s single-family, build-to-rent brand, and the Kissimmee community’s product mix will include 159 three-bedroom front-loaded townhomes, 16 three-bedroom rear-loaded townhomes, and 12 three-bedroom duplex homes. Each home will feature high-end finishes including granite countertops, luxury vinyl plank flooring, stainless steel appliances, and tile backsplashes in the kitchens. Amavi Kissimmee has also been designed to offer residents market-leading amenities including a pool, clubhouse, playground, fitness center and dedicated open space.
“We are excited to begin building our inaugural single-family, build-to-rent investment with PCCP,” said David Reynolds, President of Investment Management at Mill Creek. “Amavi Kissimmee represents the first of many high-quality single-family rental communities we plan to deliver across our target markets through this joint venture. We believe our knowledge of Florida’s various rental markets is unapparelled given our historic activity in the state, and we have full confidence that Amavi Kissimmee will be well-received by the city’s growing renter population. There is also minimal comparable rental housing product under development in the area, creating a sustainable advantage for this community. We look forward to leveraging our hands-on approach with the goal of producing a successful property and investment.”
Situated less than 30 miles south of downtown Orlando in Osceola County, Amavi Kissimmee is poised to benefit from the market’s persistently strong population and employment growth. Mill Creek will develop and construct Amavi Kissimmee and leverage its proven operating platform to lease and manage the property. By controlling the asset over its entire lifecycle, Mill Creek believes it is better positioned to drive optimal performance and resident satisfaction. Completion of the first homes is anticipated in August 2024 with lease-up of the entire community estimated for late 2025.
Mill Creek leveraged its deep local market knowledge and network of relationships to source the vacant land where Amavi Kissimmee will reside. The site provides well-located regional accessibility to the I-4 corridor, linking the community to major employment centers including Disney, Universal Studios, Orlando International Airport, and NeoCity. NeoCity is an under-construction master-planned community dedicated to nanotechnology research and development that is projected to generate more than 40,000 direct and indirect jobs. Osceola County is the fastest-growing county in the Orlando metro area and the 10th fastest-growing in the United States.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a prominent national rental housing company that has deployed over $16.4 billion in capital since its founding in 2011. The firm has $10 billion in AUM, consisting of nine separately managed accounts, a commingled value-add fund, and various joint ventures. Mill Creek Residential Trust LLC presently has a development pipeline with a total capitalization of $13.0 billion. Headquartered in Boca Raton, Florida, the company proactively acquires, develops, constructs, and operates residential communities across the United States, leveraging the expertise of its seasoned team of real estate professionals located in 30 markets nationwide.
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $21.0 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 24-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $36.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
ICR on behalf of Mill Creek Residential
SOURCE Mill Creek Residential
Originally published at https://www.prnewswire.com/news-releases/mill-creek-residential-and-pccp-llc-joint-venture-to-develop-187-home-single-family-rental-community-in-kissimmee-fl-301803058.html