The developer behind a Fort Myers build-to-rent community has gotten $58 million in construction financing.
Hollywood, Florida-based Prime Hospitality Group was lent the money to develop the Woodlands, one of three communities in the Portofino Vineyards development in the Three Oaks neighborhood near Three Oaks Parkway.
The funding for the $98 million project is coming from Centennial Bank. Eugene Font, a senior vice president and commercial loan officer at the bank, says construction has already begun, and the project is due to be delivered in 2025.
Portofino Vineyards is a 71-acre community being built about five minutes from Florida Gulf Coast University in Lee County. It includes the apartment complexes the Grove, which has already opened, and the Orchard, which Font says is near completion.
The Woodlands will be made up of 96 townhomes and 106 single-family residences. There aren’t a lot of details available just yet but there will be multiple floorplans and the amenities will include a clubhouse, pool and fitness facilities.
Developers say Woodlands will tap into an “increasing societal shift toward a carefree lifestyle that offers convenience and freedom without property maintenance and homeownership responsibilities.”
Build-to-rent is one of the fastest growing segments in real estate as home prices have risen. According to a May study by RentCafe, the number of build-to-rent properties under construction tripled last year to 44,700. Locally, the Tampa metro market has 1,404 units under construction and Sarasota metro market has 770 units. (The study did not rank the other markets in the region.)
Prime Hospitality is a part of the Prime Group, a real estate development firm which was started in 1987. Its properties span the state and it specializes in acquisitions, property management and construction.