Now Open: Altair by Soltura and Argos by Soltura
Halstatt Real Estate Partners, a real estate private equity firm, today announced the opening of two of its latest build-for-rent developments. These Fort Myers based properties, Altair and Argos, are the result of joint ventures with Southwest Florida-based developer Soltura Development Group. Located within five miles of each other, these developments add 300 high demand build-for-rent units to the area.
"The cost of homeownership remains elevated, making it less feasible for many individuals and families to purchase a home. This dynamic is driving more people to choose renting as a more affordable and flexible option for achieving the single-family home lifestyle," says Steve Iannaccone, principal, Halstatt Real Estate Partners. “Build-for-rent properties are particularly attractive in this environment, offering a compelling alternative to traditional homeownership while providing many single-family characteristics, such as a private entrance and fenced backyard. Our developments provide residents with the space, amenities, and sense of community they desire, without the long-term commitment and financial burden of buying a home.”
Altair and Argos feature 160 units and 140 units, respectively, and comprise of a mix of one-, two-, and three-bedroom units offered in a clustered, two-story cottage format. All residences will have private first floor entryways and private fenced, landscaped backyards with patios, which provides, on average, 550 sq. ft. of additional living space per unit. Consistent across Halstatt Real Estate Partners’ portfolio of build-for-rent developments, these communities are equipped with state-of-the-art amenities, including a luxury clubhouse that will support a leasing center, fitness center, loungeroom/work area, and mailroom as well as a resort-style pool with cabanas.
To date, Halstatt has committed to seven build-for-rent development projects, equating to over 1,150 units. Of those, five are now open for operations and two remain under development. Halstatt Real Estate Partners has three projects in Fort Myers, Fla, and singular projects in Bonita Springs, Fla., North Port, Fla., Austin, Texas, and Columbus, Ohio. To view our BFR projects, visit the portfolio page of our website.
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
Halstatt Real Estate Partners’ White Papers
HREP has published a series of white papers on what is driving demand in the build-for-rent space. The three-part series focuses on what this product type is, who is renting it, and why it is being developed. 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,” outlines the target end user for build-for-rent and the final piece, “The Growth of Build-For-Rent: What’s Behind the Surge in Developer Investment,” our third and final piece gives insight on why developers continue to invest in BFR.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313802355/en/
Contacts
Jenna Rambaud
jrambaud@halstatt.com
