SVN|SFRhub Advisors and SVN|Lotus Commercial Real Estate Advisors are working with Neal Communities, to break ground on a Build-for-Rent (BFR) community in Fort Myers later this year, delivering the last tranche of built homes near the end of 2021.
The 63-home detached single-family community, Mangrove Estates, is a short drive to Fort Myers Beach, barrier islands and downtown. The projected $20 million community offers 3-bedroom plans of 1,531 sqft and 4-bedroom plans up to 2,064 sqft. SVN|SFRhub Advisors is teaming with Jerry Anderson, CCIM of SVN|Florida Commercial Real Estate Advisors, the local Broker of Record.
“Florida ranks high among many of the top performing U.S. new construction BFR markets, with cities including Tampa, Fort Myers, Jacksonville, Orlando and Panama City,” said Jeff Cline, executive director of SVN|SFRhub Advisors. He added, “Population, household income and job growth are fueling the top two-dozen BFR markets that extend from Florida across the Sunbelt to the West Coast and select Mountain and Midwest markets. Mangrove Estates is one of many BFR communities we are seeing under development within the Sunshine State.”
“Southwest Florida, led by Fort Myers, has witnessed explosive residential growth in recent years for both the for sale and for rent markets,” said Ashley Bloom, managing director of SVN|Lotus Commercial Real Estate Advisors. “With an influx of retirees and families, the market has developed into one that provides both lifestyle and jobs for its residents,” he said.
Neal Communities has been building and developing in the single-family residential space for over 50 years. Marketing, maintenance, management and ownership of Mangrove Estates will be handled by a third-party company.