Halstatt Real Estate Partners, a women-owned real estate private equity firm, today announced its capital commitment to Stillwell Jerome, a project launched by multifamily property management and investment firm Coastal Ridge Real Estate.
Halstatt says the project, consisting of with 230 build-for-rent units in Jerome Village, Ohio, is its third build-for-rent development joint venture with Coastal Ridge Real Estate, and part of its expanding Stillwell brand.
Jerome Village is a “master-planned” single-family community developed by Nationwide Realty Investors, which spans across 1,700 acres located in Columbus, a rapidly developing metro in the midwest.
“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 at Halstatt, in the statement. “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.”
The community includes private entries on the first floor and backyard patios with a shared parking system, the release mentions. Other amenities comprise a clubhouse with a leasing center, gym, kitchen, gaming room, workspaces, a pool with cabanas, and scope for outdoor activities like walking trails, lawns. The common areas will have wi-fi connections.
Halstatt believes its partnership with the Stillwell project will help it connect with Coastal Ridge’s network and proficiency in local life. Until date, the company has acquired and developed real estate assets in the Southeast U.S. valued at over $1 billion, since 2011.
Earlier in September, it broke ground in Altair by Soltura, its latest development with 160 two-story units. It is the firm’s first development within The Forum, and marks its second joint venture with Florida-based developer Soltura Development Group.
Coastal Ridge, on the other hand, has a portfolio of more than 30,000 apartment units and student housings spanning 43 distinct markets, with a total of $3.5. Billion in assets under its management.
In other recent proptech news, PURE Property Management announced its 50th acquisition since its launch in October 2020, including its 20 transactions within the first half of 2022. Nuveen Real Estate, a public and private real estate debt and equity investment manager, partnered with Esusu, a financial technology company focusing on rent reporting for credit building to provide rent reporting access to affordable housing residents.