NAPLES, Fla.--(BUSINESS WIRE)--Halstatt Real Estate Partners, a real estate private equity firm, today announced a capital commitment to fund its latest development, Stillwell Jerome. This project marks the third build-for-rent development joint venture with Coastal Ridge Real Estate.
“Halstatt is well underway executing on a robust pipeline of build-for-rent development opportunities and is excited for this project in Jerome Village, located in Columbus, Ohio. As an early mover within the sector, we are pleased that this property will bring our active construction pipeline to over 1,000 units,” said Steve Iannaccone, principal, Halstatt Real Estate Partners. “Our conviction in build-for-rent as a housing attainability strategy has been strengthened as a result of recent macroeconomic events and we look forward to continued participation within the segment.”
Jerome Village, located in Columbus, Ohio, the fastest growing metro in the Midwest, is a 1,700-acre master planned community. Developed by Coastal Ridge Real Estate, Stillwell Jerome will feature 230 single-family residences which all include private first floor entryways and fenced in landscaped backyards with patios, as well as shared parking similar to a typical garden style apartment. The gated community will be equipped with state-of-the-art amenities, including a clubhouse that supports a leasing center, fitness center, kitchen, game/lounge room, work area, and mailroom as well as a resort-style pool with cabanas, access to walking trails, event lawn/outdoor space, and wi-fi in the common areas. This product type provides the low maintenance and flexibility of apartment renting with the benefits of single-family home living.
Halstatt Real Estate Partners believes Stillwell Jerome provides the partnership a unique opportunity to benefit from Columbus-based Coastal Ridge Real Estate’s established network of connections and local expertise. Halstatt Real Estate Partners identifies value add and opportunistic real estate projects throughout Florida, the Southeast, and Texas. The company partners with project sponsors to develop and implement a strategic business and capital improvement plan to maximize demand driven development and investment opportunities.
About Halstatt Real Estate Partners
Halstatt Real Estate Partners (“HREP”), a women-owned real estate private equity firm, has participated in the acquisition and development of over $1 billion in Southeast based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Barron Gift Collier legacy in Southwest Florida, HREP invests in middle market, value add and opportunistic commercial and residential real estate projects. HREP works with best-in-class local and regional operating partners to maximize the value of its real estate investments. HREP invests alongside a cross-section of institutional limited partners from fund to fund including charitable foundations and endowments, domestic and international family offices and corporate pension funds with a history of continuity. www.halstattrealestate.com.
About Coastal Ridge Real Estate
Headquartered in Columbus, OH with an additional office in California, Florida, and Tennessee, Coastal Ridge Real Estate is a full-service real estate investment and property management firm executing on core, core plus, value add, and ground-up development investment strategies in the multifamily real estate asset class. The firm’s vertically integrated platform includes divisions to oversee investment management, property management, and development. Coastal Ridge’s current portfolio is comprised of 30,000+ conventional apartment units and student housing beds spanning 43 distinct markets, with assets under management totaling over $3.5. billion. Coastal Ridge has been recognized as an Inc. 5000 Fastest-Growing Private Companies in America five times. For more information visit www.coastalridge.com.