AVID Property Group, a residential property developer and operator controlled by real estate private equity firm Proprium Capital Partners, has launched a new A$1.1 billion ($730 million) land lease communities (LLC) business to be named Vantage.
It marks a significant milestone for AVID as it expands its strategy beyond developing master-planned communities to include manufactured housing or mobile homes in land lease communities, cementing the company’s status as one of the largest residential developers and operators in Australia.
Vantage is being seeded with 14 high-quality LLC assets, including six greenfield sites plus eight fully operational and occupied LLCs to be acquired from the Puljich family’s Living Gems business for A$284.5 million ($189 million). The acquisition, combined with the existing portfolio, will make Vantage one of the leading developers and operators of LLCs in Australia.
With a gross revenue pipeline of A$5 billion ($3.3 billion)
