Avid spends $114m on Huntley site
Avid Property Group – the local arm of US based Proprium Capital Partners – has paid $114.46 million for the balance of a housing estate in Huntley, south west of Wollongong.
Stockland was the seller.
The c100 hectare site is expected to deliver 530 standalone homes, 108 townhouses and a land lease community, with 236 dwellings.
Avid has also rebranded the precinct to Forest Reach.
“This project provides us with a unique opportunity to expand our portfolio and create another great place for Australian families to live and thrive,” chief executive officer, Cameron Holt, said.
“Coastal regions across NSW, in particular the Illawarra, are experiencing strong buyer demand and we are energised by this opportunity to enter a new market in a region with such robust potential,” he added.
Two parks will cover 4.74ha.
The estate will also contain 22 kilometers of walking and bike paths.
Earlier this year Avid made a $365m takeover bid for AV Jennings – a deal finalised six days ago.
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