JP Morgan Real Estate Income Trust (JPMREIT) is investing $45.4m (€41m) to buy newly built single-family rental townhomes in southeastern US.
The $348m US real estate trust said it has acquired an initial tranche of 36 townhomes in Fiore, a single-family rental residential community under development in Venice, Florida.
The townhomes will be conveyed to JPMREIT on a rolling basis in multiple tranches containing approximately 18-36 townhomes per closing with final completion expected to occur in August 2024.
JPMREIT said the project, which is expected to have 126 three-bedroom townhomes once completed, will have a total purchase price of approximately $45.4m, exclusive of closing costs.
Dave Esrig, co-president of JPMREIT, said: “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.
“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.”
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