J.P. Morgan Real Estate Income Trust to Buy Townhomes in Venice, Florida
Posted on 12/18/2023
J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) announced the acquisition of an initial tranche of 36 townhomes in Fiore, a single-family rental residential community under development in Venice, Florida. Upon completion, Fiore is expected to have 126 three-bedroom townhomes, with high-end unit finishes and community amenities, including a pool and a dog park. The total purchase price will be approximately $45.4 million, exclusive of closing costs.
“We continue to see strong demand in the single-family rental sector and this development aligns with our focus on investing in high-quality assets in desirable communities like Fiore,” said Dave Esrig, Co-President of JPMREIT. “This new, purpose-built, dedicated rental community of single-family townhomes provides families with an alternative to home ownership, in communities where they might otherwise be priced-out of buying in the current market environment.”
The townhomes will be conveyed to JPMREIT on a rolling basis in multiple tranches containing approximately 18-36 townhomes per closing. Final completion is expected to occur in August 2024.
On July 27, 2023, JPMREIT acquired a truck terminal near Georgia’s Port of Savannah for $73.2 million and the seller was InLight Real Estate Partners.
