A New 160 Unit Build-for-Rent Community in Fort Myers, Florida
NAPLES, Fla.–(BUSINESS WIRE)–Halstatt Real Estate Partners, a real estate private equity firm, today announced the groundbreaking of its latest development, Altair by Soltura. The property is located a half-mile from Odyssey by Soltura, the firm’s first development within The Forum, and represents its second joint venture with Southwest Florida based developer, Soltura Development Group.
“Altair by Soltura is a natural Phase II of our first build-for-rent project with Soltura Development Group, Odyssey by Soltura. Both communities benefit from the local demand drivers within and around The Forum master planned community,” said Steve Iannaccone, principal, Halstatt Real Estate Partners. “We have the utmost confidence in the entire development and construction team executing on this business plan and look forward to successfully delivering another differentiated single-family rental community in Southwest Florida.”
The property will feature 160 two-story units supported by a clubhouse, community social and fitness programming, a pool, firepit, and dog park. Each single-family rental home will feature its own backyard and outdoor patio space, which provides an additional 500 sq. ft. of outdoor living space per unit on average. The property is situated in the established master-planned community of The Forum, complete with restaurants, retail, educational and medical facilities, assisted living, residential communities and public parks.
“We are currently leasing Phase I, Odyssey by Soltura, and have been impressed with the traffic, activity, and rental rates, as well as the general outperformance over conventional apartments,” said Danville Leadbetter, cofounder of Soltura Development Group. “We look forward to continuing our partnership with Halstatt Real Estate Partners to bring this next development to market.”
Halstatt Real Estate Partners identifies value add and opportunistic real estate projects throughout Florida, the Southeast, and Texas. The company partners with project sponsors to develop and implement a strategic business and capital improvement plan to maximize demand driven development and investment opportunities.
Recently the company released a series of whitepapers on what is driving demand in the build-for-rent space. Our first in the series, titled “Evolution of Rental Housing – The Rise of Build-for-Rent”, details the asset class while the second piece, “Demographic Shift & Lifestyle Preferences Drive Build-for-Rent Demand”, explains the target audience for BFR.
About Halstatt Real Estate Partners
Halstatt Real Estate Partners (“HREP”), a women-owned real estate private equity firm, has participated in the acquisition and development of over $1 billion in Southeast based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Barron Gift Collier legacy in Southwest Florida, HREP invests in middle market, value add and opportunistic commercial and residential real estate projects. HREP works with best-in-class local and regional operating partners to maximize the value of its real estate investments. HREP invests alongside a cross-section of institutional limited partners from fund to fund including charitable foundations and endowments, domestic and international family offices, and corporate pension funds with a history of continuity. www.halstattrealestate.com
Jenna Rambaud
jrambaud@halstatt.com
Jenna Rambaud
jrambaud@halstatt.com
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