A new player had entered the over 55s land lease communities' sector after buying all eight of the Puljich family’s sites, for an average of $36.5 million a resort.
AVID is an award-winning Australian builder-developer with 45 developments, located in key growth areas across Australia’s eastern seaboard.
The deal is for 1,818 homes at the new communities Amber by Living Gems (main photo) and Living Gems Caboolture Riverfront and established resorts Opal by Living Gems, Living Gems Pacific Paradise, Living Gems Maleny, Ruby by Living Gems, Sapphire by Living Gems and Living Gems Gold Coast.
This represents an average just over $156,000 for each home site but the purchaser only owns the land and the recurring income from the homeowner, who owns the property.
This follows Stockland's purchase of five Living Gems sites in July for $210 million, about $164,000 per home site.
In announcing the purchase, AVID Property Group (AVID), a residential property developer and operator controlled by real estate private equity firm Proprium Capital Partners, announced the launch of a new $1.1 billion land lease communities business to be named Vantage.
AVID has earmarked 2,000 sites from its existing residential portfolio to be developed as land lease communities and plans to invest more than $800 million over the next six years to create six high quality projects.
On completion of the Living Gems acquisition, the Vantage business will have 14 land lease communities across 3,800 sites comprising 1,800 operational sites and 2,000 development sites.: Bloomdale in Diggers Rest, 28km northwest of Melbourne; Harmony in Palmview, Sunshine Coast, 108km north of Brisbane; and in Hervey Bay, on the Fraser Coast, 290km north of Brisbane.
“Vantage by AVID is our unique approach to land lease community living. With the addition of LLC to our portfolio, there is now an AVID housing offer suitable for a broad range of customers – no matter their stage of life, from first home buyer to empty nester. By making the move to LLC, the growing baby boomer generation of Australians can unlock new housing stock, freeing up their large family homes for the next generation of families,” said Cameron Holt, AVID CEO (pictured).
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