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.
JPMREIT leverages J.P. Morgan Asset Management’s more than 60 years of real estate investment experience and invests in stabilized, income-producing assets positioned to benefit from the way people live, work and consume in the new economy. JPMREIT is externally advised and sponsored by J.P. Morgan Investment Management Inc.
