NAPLES, Fla.--(BUSINESS WIRE)--Halstatt Real Estate Partners, a real estate private equity firm, today announced the groundbreaking of its latest development, Argos by Soltura. The property is located within five miles of the firm’s two other Fort Myers build-for-rent developments, Odyssey by Soltura and Altair by Soltura, which will provide a combined total of 429 units to the MSA. This project represents Halstatt Real Estate Partners’ third joint venture with Southwest Florida based developer, Soltura Development Group.
"The demand for build-for-rent properties remains strong, and our initial success at Odyssey by Soltura has energized us," says Steve Iannaccone, principal, Halstatt Real Estate Partners. "In just six months, we achieved 90% occupancy, and tenant interest in this unique rental product has exceeded our expectations despite economic uncertainty. We are addressing worsening housing affordability in Southwest Florida, caused by the current interest rate environment, by offering another highly differentiated rental alternative to the market.”
The property will feature 140 units comprised 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, 533 sq. ft. of additional living space per unit. The community will be 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. The property is situated within close proximity to the intersection of two major arterial roads in Fort Myers, Winkler Avenue and Metro Parkway, and also backs up to the N. Colonial Linear Trail, providing residents direct access to a paved bike trail and community park. In addition, the Fort Myers MSA ranked as the sixth fastest growing area in the US according to a 2022 Census Bureau Report, growing 6.8% between July 2020 and July 2021, giving the partnership further conviction in the Fort Myers market.
“Southwest Florida continues to benefit from migration as more residents leave the colder and less tax friendly states,” said Danville Leadbetter, cofounder of Soltura Development Group. “We are very confident in our development team and partnership’s combined ability to bring another differentiated rental project to the market.”
Halstatt Real Estate Partners identifies value add and opportunistic real estate projects throughout Florida, the Southeast, and Texas. The company partners with project sponsors to develop and implement a strategic business and capital improvement plan to maximize demand driven development and investment opportunities.
Halstatt published a series of white papers on what is driving demand in the build-for-rent space. 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.
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
