Shoreham Capital and Sabal Investment Holdings have closed on
the first phase of homes at Juniper Pointe, a luxury build-to-rent
(BTR) townhome community in Naples,
Florida. The property was acquired in a forward
purchase.
WEST
PALM BEACH, Fla., May 9, 2024
/PRNewswire-PRWeb/ -- Shoreham Capital, a privately-held real
estate firm, in partnership with Sabal Investment Holdings
("Sabal"), the investment management firm serving institutional
investors across the U.S., has closed on the first phase of homes
at Juniper Pointe, a 47-unit luxury build-to-rent (BTR) townhome
community in Naples, Florida. The
project was acquired in an off-market, forward purchase.
"This acquisition underscores our
confidence in the build-to-rent sector, particularly in strong
infill locations in growth markets like Naples," said Doug
Faron, managing partner at Shoreham Capital.
"This acquisition underscores our confidence in the
build-to-rent sector, particularly in strong infill locations in
growth markets like Naples," said
Doug Faron, managing partner at
Shoreham Capital. "We remain bullish on the build-to-rent asset
class given strong demographic trends, consumer preferences, and a
national housing shortage. We are excited to partner with Sabal,
who has been an incredible partner in supporting us to
strategically deploy capital in this growing sector."
Juniper Pointe will comprise two-story townhomes with three and
four-bedroom floor plans ranging from 1,900 to nearly 2,500 square
feet. Each home will feature an open layout, attached one- or
two-car garages, a covered lanai, and designer-appointed finishes.
The gated community will also include a resort-style community
pool.
"Demand for build-to-rent units continues to surge as
homeownership becomes increasingly out-of-reach to a growing number
of Americans struggling with the combination of elevated interest
rates and low for-sale home supply," notes Jon Mirkin, managing director with Sabal
Investment Holdings. "This is an attractive investment in an ideal
BTR location with significant growth potential."
Berkadia South Florida's team, consisting of Scott Wadler, Matt
Nihan, Mitch Sinberg,
Brad Williamson, and Matt Robbins, arranged the acquisition financing
through Banesco. Noted Nihan, "There is high demand for turn-key
living in this market and the units are fully upgraded with
state-of-the-art appliances and technology. The Sponsor was able to
acquire all 47 units early in the development process at an
attractive basis during a brief period of market softening."
Renowned for its pristine beaches, vibrant cultural scene, and
excellent quality of life, Naples
embodies luxury living. The region has witnessed sustained growth,
boasting a burgeoning population fueled by an influx of retirees,
seasonal visitors, and young professionals drawn to its warm
climate and diverse amenities. Located minutes from Naples' downtown shopping district, Juniper
Pointe residents will enjoy all the benefits of low-maintenance,
luxury living in an ideal location.
The community is expected to be completed later this year with
first move-ins scheduled to begin in Q2 2024.
About Shoreham Capital
Shoreham Capital is a privately held real estate firm dedicated
to the acquisition, development, ownership, and management of prime
real estate properties spanning the East Coast and Sun Belt regions
of the United States. Founded by
Doug Faron and Nick Zoumas, Shoreham Capital has a proven
investment and development track record of over $10 billion in real estate assets. The Shoreham
team brings best-in-class expertise in investment, ownership,
development, and management and remains focused on delivering
superior risk-adjusted returns to their investors. Visit
www.shorehamcapital.com.
About Sabal Investment Holdings
Sabal Investment Holdings ("Sabal") is a fully integrated real
estate investment manager serving institutional investors across
the U.S. Sabal Investment Holdings is headquartered in Irvine, California. A fully-integrated firm,
Sabal Investment Holdings identifies, underwrites, structures and
closes commercial real estate investment opportunities throughout
the capital stack. The firm currently manages over $1.3 billion in assets. Visit
www.sabalinvestmentholdings.com.
Media Contact
Amy Rossetti, R[AR]E Public
Relations, 1 2034341989, amy@rarepublicrelations.com
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SOURCE Shoreham Capital