[Open House Group Co., Ltd.] Completion of Aston Square, a rental housing complex near Orlando, Florida, USA
*View in browser* *Open House Group Co., Ltd.*
Press release: June 11, 2024
**
Construction of Aston Square, a rental housing complex near Orlando, Florida, USA, completed
*Completion ceremony held for a rental housing development project in which Open House is participating*
Open House Group Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President and Representative Director: Masaaki Arai; hereinafter referred to as the “Company”) is a subsidiary of Open House Realty, a U.S.
subsidiary.
& Investments,
Inc. has participated in and invested in a rental housing development project in Kissimmee, Florida, near Orlando.
We are pleased to announce that the first of the four buildings of “Square” has recently been completed*1, and the completion ceremony was held on May 15, 2024 (US time).
This development is based on Park Square Enterprise, LLC
(Headquarters: Orlando, Florida, Co-CEO: Suresh)
Kimaya, an affiliated company of
This will be jointly developed with LLC, and our company will be investing in and participating in this development from May 2023.
The property has a total of 287 units, including 4 four-story multi-family apartments (4 buildings) and 2-story townhouses (3 buildings) built with wooden frame walls, as well as various amenities (fitness center, business lounge, conference room, etc.). There will also be shared facilities such as a clubhouse and resort-style pool. Construction of this development is scheduled to begin in May 2022, with overall completion scheduled for October 2024.
*1
The first of the four multi-family buildings in this property will be completed in May 2024. The other three buildings and three townhouse buildings are scheduled to be completed in sequence by October 2024. Completion ceremony
Ribbon Cutting by the government and business operators at the development site on May 15th, US time
A Ceremony*2 was held, with over 50 people in total participating, including government officials and people involved in the project, including our group employees. Through this development, we will contribute to the supply of housing in Kissimmee and the greater Orlando area, where the population is increasing.
Front row, 2nd from the left: Park Square CEO Suresh Gupta; 3rd from the left: Park Square CEO Vishaal Gupta
Area characteristics
The development site is located in Kissimmee, a suburb of Orlando, Florida, approximately 30 minutes by car from downtown Orlando, approximately 25 minutes from Orlando International Airport, and within 30 minutes of Disney World Resort, Universal Studios Florida, SeaWorld Orlando, and several other locations. Theme park is located in this attractive area with geographical convenience.
Population growth in the Orlando metropolitan area (Orlando, Kissimmee, and Sanford areas) is remarkable, and the population of the Orlando metropolitan area in 2023 will exceed 2.8 million people, and the population of the metropolitan area from 2022 to 2023 will increase. It ranks 4th in the U.S. in terms of increase in number of people (2,763,017 people in 2022, 2,763,017 people in 2023). 2,817,933 people) *3. Furthermore, economic growth continues based on the tourism industry, aerospace industry, healthcare industry, etc., and it is expected that stable employment opportunities will continue to be created and the population will continue to increase.
Additionally, a large-scale urban project called “Neo” is underway near Kissimmee.
Neo City, a research hub city with an area of approximately 483 acres (1.95 square kilometers) as a center of cutting-edge technology and innovation, is also planned.
City development is progressing, and more than 50,000 new jobs are expected to be created, and further population influx is expected into Kissimmee and neighboring areas *4.
*Property characteristics*
The development will have a total of 287 units (1B, 2B, or 3B) on a site of approximately 16.50 acres (approximately 66,773 square meters).
Room 272 multi-family apartments (4 floors) and 3 beds
This is a rental housing complex development with 15 townhouses (2 stories) and a building area of 414,456 square meters (approximately 38,504 square meters).
The community will include a clubhouse with a fitness center, business center, conference room, etc., a resort-style pool, and other extensive common facilities, providing a comfortable living space.
It is a residential community development with a supermarket adjacent to it, many restaurants, malls, and other commercial facilities nearby, and excellent access to the expressway, providing convenient living.
In addition, in the United States, where mortgage interest rates continue to be high, there is a discrepancy in the monthly
expenditures for a new home compared to purchasing a new home and renting a new home. (approximately 1.5 times the amount spent) *5, and demand for rental properties is expected to continue in the future.
*2 Ribbon Cutting Ceremony: Completion ceremony
*3 Announced by U.S. Census Census:
https://www.census.gov/library/stories/2024/03/florida-and-fast-growing-metros.html
https://www2.census.gov/programs-surveys/popest/tables/2020-2023/metro/totals/cbsa-met-est2023-pop.xlsx *4 Neo City overview:
https://www.neocityfl.com/wp-content/uploads/2019/06/022924_NeocityMasterPlanExecutiveSummary.pdf *5 December 11, 2023 Forbes ADVISOR:
https://www.forbes.com/advisor/mortgages/rent-or-buy-home-mortgage/
Surroundings map
*Property image (exterior)/Completed image (common area)*
(The first building on the right in the photo has been completed) * Property image (interior view) *
* Property Description*
Location: Kissimmee, Tarrant County, Florida
Site area: 16.50 acres (approximately 66,773 square meters)
Building area: 414,456sqft (approx. 38,504sqm) Planned
Total number of units: 287 units planned
272 multifamily apartments (100 1Bed rooms, 156 2Bed rooms, 16 3Bed rooms) 15 townhouses (15 3Bed Rooms)
Floors Multi-family apartments (4 floors, 4 buildings) Planned Townhouse (3 2-story buildings) Planned
Structure/construction method Wooden frame wall construction method Use: Rental housing complex
Scheduled for completion in October 2024
Property homepage: https://www.astonsquareliving.com/
*Park Square Enterprise, LLC Overview*
Headquarters Orlando, Florida
Representative Suresh Gupta, Vishaal Gupta
Established 1984
Business details Single-family house sales, residential development and sales, mortgage loan business, etc.
Business Area Central Florida (Orlando, Tampa, Sarasota, etc.) *Kimaya, LLC Overview*
Headquarters Orlando, Florida
Business details Apartment housing, BTR (single-family houses for rent), housing for seniors, hotels, commercial facilities, and other development projects
Business area: Central Florida (Orlando, Tampa, etc.)
*About Open House Group’s U.S. development business*
Our company entered the development business of income-generating real estate (rental apartment complexes, single-family homes, and logistics warehouses) in the United States in 2018, and has so far completed development projects in California, Texas, Florida, Maryland, and Georgia. We are participating in.
We are developing our development business mainly in the Sunbelt area, which is experiencing remarkable economic growth and is expected to see an increase in population and employment.We are also promoting real estate development in the United States, where sustainable demand for housing is expected, and will continue to leverage our knowledge of the U.S. real estate business. We will strive to expand our concentration and revenue base.
* About Open House Group Co., Ltd. *
From January 2022, Open House Co., Ltd. and related companies have transitioned to a holding company structure with Open House Group Co., Ltd. as the pure holding company. The group’s business revolves around the detached house business, condominium business, income real estate business, and real estate business in the United States, as well as various services related to housing and daily life.In terms of regions, in addition to the Tokyo metropolitan area where it was founded, the Nagoya area, We have expanded to the Kansai and Fukuoka areas, and in recent years have also been focusing on regional co-creation activities and environmental conservation activities. In the detached house business, which has been our main business since our founding in 1997, we have an integrated manufacturing and sales system that covers everything from land purchasing to construction and sales, and provide homes in convenient locations at affordable prices. We have been working on initiatives that are unique to the group, such as the need for locations close to work and home as the number of dual-income households increases, and plans that meet new needs amid diversifying work styles. Our group will continue to strive to provide housing that more customers can choose from.
Open House Group Co., Ltd. Website URL: https://openhouse-group.co.jp/
* company overview *
Trade name Open House Group Co., Ltd.
Head office location 2-7-2 Marunouchi, Chiyoda-ku, Tokyo 100-7020 JP Tower 20th floor (general reception) / 21st floor
Founded September 1997
Representative Representative Director and President Masaaki Arai Capital 20,131,480,000 yen
Number of employees (consolidated) 5,828 (as of the end of March 2024) *About details about this release*
https://prtimes.jp/main/html/rd/p/000000569.000024241.html
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