J.P. Morgan REIT Acquires Newly Constructed Townhomes in Florida for $45 Million

J.P. Morgan Real Estate Income Trust Inc. (JPMREIT), a non-traded net asset value real estate investment trust externally managed and sponsored by J.P. Morgan Investment Management Inc., has acquired an initial tranche of 36 townhomes in Fiore, a single-family rental residential community under development in Venice, Florida. The total purchase price will be approximately $45.4 million, exclusive of closing costs.

“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,” said Dave Esrig, co-president of J.P. Morgan REIT. “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.”

Upon completion, Fiore is expected to have 126 three-bedroom townhomes, along with community amenities such as a pool and a dog park.

The townhomes will be conveyed to the REIT on a rolling basis in multiple tranches containing approximately 18 to 36 townhomes per closing.  Final completion is expected in August 2024.

As previously reported by The DI Wire, J.P. Morgan REIT’s public offering of up to $5 billion in shares of common stock was declared effective by the Securities and Exchange Commission in July 2022. As of Dec. 14, 2023, the company had sold shares for total proceeds of approximately $54.5 million. As of Sept. 30, 2023, the company’s portfolio was comprised of three multifamily properties and two industrial assets with an aggregate total gross asset value of approximately $290.2 million.

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