Fort Myers project is part of an emerging asset class aimed at aging Millenials desiring more space, different lifestyle than apartments
Naples private equity firm Halstatt Real Estate Partners and a partner are developing one of the first dedicated single-family rental residential projects along the Gulf Coast.
Soltura at the Forum, in Fort Myers, will feature 129 cottages, each with private yards and access to shared amenities such as a clubhouse, fitness center, swimming pool, fire pit and dog park.
The mix of one-bedroom to three-bedroom units in the 11.5-acre project is being constructed in The Forum, a mature master-planned community.
Halstatt is financing the roughly $29 million project being developed with Soltura Development Group LLC, a Naples company formed by Arron Simon and Danville Leadbetter last year.
In all, Halstatt has been involved in more than $1 billion worth of real estate projects since its formation three decades ago to develop the Grey Oaks Country Club, in Naples.
“This project really fit Halstatt’s DNA,” says Bobby Sullivan, a company principal. “It’s an emerging asset class, so we saw the opportunity to be an early mover.”
Soltura at the Forum will be completed in phases early next year.
“This will be a nice alternative to traditional multifamily rentals and an elegant solution to what we view as a housing affordability crisis,” says Steve Iannaccone, another principal at the firm, which is the investment arm of the Sproul family — descendants of Barron Gift Collier, the namesake of Collier County.
Soltura rental rates will range from $1,700 monthly to $2,000 monthly for cottages that will be larger than most modern apartments.
Halstatt believes that as Millenials age and start families they will gravitate more to single-family homes. But as home prices continue to rise, many will be unable to acquire housing in Florida.
Single-family rentals have garnered considerable institutional attention in the past year, with investment giants Blackstone and KKR making significant investments in the sector.
Halstatt, too, intends to be very active. Iannaccone and Sullivan say the company has already identified its next four single-family rental projects, in North Port, Orlando, Austin and Columbus, Ohio.