AVJennings, one the country’s best-known home builders, is set to be taken private after American real estate giant Proprium Capital Partners lobbed a $374 million buyout offer to boost its development pipeline in an improving residential market.

If the transaction proceeds, AVJennings would become part of Avid Property, a residential and industrial developer Proprium acquired in 2016 that has since focused on Australia’s undersupplied residential market and in May made its first expansion into the land lease housing sub-market.