South Florida investors have bought 26 acres and plan to build apartments on site near Pine Island Road.
Cape Coral is getting 412 more apartments.
A West Palm Beach real estate investment and development firm has bought 26 acres at Tierra De Paz Loop and plans to build a complex, Siesta Lake, on the site.
Construction on the $120 million project is expected to begin later this year.
The plan for the low-rise community near Pine Island Road currently calls for one-, two- and three-bedroom units. Amenities will be fairly standard for a modern complex with a gym, pool and business center. But Siesta Lake’s owners are also jumping on the bandwagon and plan to build a pickleball court on the property.
Shoreham Capital, which is partnering with Bridge Investment Group from Utah and Wynkoop Financial from Colorado on the development, paid $11.5 million for the property.
The newly formed company was founded by industry veterans Doug Faron, Steve Figari and Nick Zoumas.
Before partnering up, Faron was a managing director at the CIM Group, Figari was a managing director at the Slate Property Group and Zoumas was the founder and owner of JNS Homes.
According to a statement, Shoreham “concentrates on value-add opportunities, ground-up rental developments, adaptive reuse and residential alternatives, including single-family rentals.”
Faron says given the partners’ experience the firm is “well positioned to capitalize on high-growth markets such as Southwest Florida.”
“We are focusing on opportunities characterized by strong investment fundamentals and Siesta Lakes is perfectly aligned with that strategy.”
The company says it has more than 1,000 units under contract and is negotiating for another 2,000.
Shoreham is moving into Cape Coral as rents in the city, and across Southwest Florida, continue to rise, landing it on the list of 2022’s Most Expensive Areas to Rent.
According to the report from the tech and data firm Lawn Love, Cape Coral-Fort Myers is No. 2 in the country, out of 185 MSAs studied, with the biggest one-year change in average rent.
No. 1? Naples-Marco Island.