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Coastal Ridge Launches Initial BFR Development in Venice, Eyes More
Coastal Ridge Real Estate — with equity partner Halstatt Real Estate Partners — has broken ground on its first build-for-rent development project, Stillwell at Wellen Park in Venice, FL along the state’s western coast. The development will be located within the Wellen Park master-planned community.
Stillwell at Wellen Park will feature 274 single-family and cottage-style homes, each with private outdoor space, and community amenities. According to Coastal, the emerging build-to-rend product type appeals to a variety of renters driving multifamily demand throughout the country.
“They want the feeling of living in a single-family home while having the flexibility and hassle-free lifestyle that renting provides,” said managing partner Andy Lallathin.
“We’re bullish on the build-for-rent model and are actively and aggressively assessing new markets and sites,” added Lallathin. “I anticipate that by the end of the year we’ll have an additional two sites under construction in two new markets with many more sites under contract to build out our pipeline.”
- ◦Development
