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. "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
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SOURCE Shoreham Capital
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