Utah church pays $20.5 million for Tampa law school building

Naples/Fort Myers/Charlotte

Built to sell: Shoreham Capital, a West Palm Beach real estate firm, has bought a Naples build-to-rent community. The firm, with partnered Sabal Investment Holdings, paid $25.85 million for the development at 3196 Country Barn Road. Commercial real estate services firm Berkadia arranged the financing for the 47-unit Juniper Pointe. The project was bought in an off market, forward purchase agreement, Shoreham says in a statement. The luxury community, set to be finished later this year, will be made up of two-story townhomes with three and four-bedroom floor plans ranging from 1,900 square feet to about 2,500 square feet. Rents will start at $4,650 and top out at about $5,650. Doug Faron, a managing partner at Shoreham, says in the statement that the buy “underscores our confidence in the build-to-rent sector, particularly in strong infill locations in growth markets like Naples.” Shoreham is privately held and, according to the statement, has an “investment and development track record of over $10 billion” in assets.

Image courtesy of LSI Cos.