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Business Observer Friday, Feb. 11, 2022 6 months ago

Build-for-rent community to bring 274 homes to area

The community is a multifamily housing concept focused on homebuyers facing unaffordable options.

NAPLES — The groundbreaking for a new build-for-rent community expected to feature more than 274 homes was recently announced. 

Halstatt Real Estate Partners, a real estate private equity firm in Naples, announced Stillwell at Wellen Park in Venice as its latest development. The firm is investing in the community developed by Coastal Ridge Real Estate.

Stillwell is an innovative multifamily housing concept within the build-for-rent sector. This product known as a horizontal apartment or cottage community consists of free-standing one- and two-story single family residential units with private yards, utilizing shared parking similar to a typical garden apartment layout, and featuring programmed amenities. 

“Our build-for-rent strategy centers on creating a differentiated rental product that addresses the current housing affordability crisis and serves the changing demographic landscape of the country,” says Steve Iannaccone, partner at the firm, in a statement. “Build-for-rent housing is a multifamily product innovation that has emerged as a housing alternative for many would-be home buyers who are facing a lack of affordable options within the residential for-sale market.” 

The community is located in North Point. Each home features an outdoor yard and patio with options spanning one, two and three bedrooms. 

“Coastal Ridge is excited to break ground on Stillwell at Wellen Park,” says Andy Lallathin, managing partner at Coastal Ridge Real Estate. “We’ve long seen development as the final spoke in our organization’s wheel, rounding out our institutional investment and best-in-class operations platforms, and we’re thrilled to be partnering with Halstatt to bring this innovative new product type to life within the Wellen Park Community.”

Each residence is a separate free-standing building designed with modern amenities, including 10-foot ceilings, stainless steel Energy Star appliances, a smart home technology package, valet trash and wide plank LVT flooring throughout.

Halstatt Real Estate Partners is a women-owned firm that’s participated in the acquisition and development of more than $1 billion in Southeast-based real estate assets since 2011.

Coastal Ridge Real Estate is a full-service real estate investment and property management firm. The firm has assets under management totaling over $3.5. billion.

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