Inland-Sponsored DST Raises $54M for Florida BTR Property
The Fort Myers community encompasses 129 units.
Inland Private Capital Corp.’s sponsored Fort Myers BTR Delaware Statutory Trust has raised more than $54 million in capital for Odyssey on Soltura, a 129-unit single-family rental community in Fort Myers, Fla.
A joint venture between Halstatt Real Estate Partners and Soltura Development Group previously owned the Class A property, according to Yardi Matrix data. In 2023, Soltura sold the asset to Inland’s DST, public records reveal.
The venture had broken ground on the development in 2021, after securing a $19.3 million construction loan issued by Equity Bank, Yardi Matrix shows. BUILD served as general contractor, while Joiner Architecture provided design services. Odyssey on Soltura came online last year.
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The single-family rental property comprises 20 villa-style buildings and 89 free-standing residential homes. Floorplans encompass one- to three-bedroom units ranging between 750 and 1,235 square feet. The cottage-style homes feature fenced-in backyards, covered lanais and smart-home technology.
Community amenities include a swimming pool, outdoor dining spaces, a gym, coworking spaces with private offices and a dog park, as well as a lawn dedicated to outdoor games.
Located at 10131 Soltura Drive, the property is roughly 5 miles from downtown Fort Myers. The community is part of The Forum, a 706-acre, master-planned, mixed-use development featuring retail, residential and office spaces.
Inland’s growing BTR portfolio
Inland Senior Vice President Nati Kiferbaum said in prepared remarks that the market is in the early stages of build-to-rent demand growth driven by baby boomers and millennials on the backdrop of waning home affordability.
The firm’s build-to-rent portfolio comprises more than $1.1 billion in assets under management, with 18 properties encompassing 3,671 units throughout Alabama, Arizona, Colorado and Florida.
Two years ago, Inland acquired two single-family rental assets in Phoenix for $186 million. RSI Holding sold TerraLane at Canyon Trails for $119.7 million and TerraLane at South Mountain for $66.2 million.
Phoenix also became a hotspot for build-to-rent development with 4,030 units delivered in 2023 alone, taking the crown in Multi-Housing News’s top 20 metros for build-to-rent completions in 2023.
BTR’s edge over multifamily
While at a national level, the occupancy rate in both build-to-rent and multifamily communities surpassed 94 percent in May, the single-family rental variant inched closer to the 96 percent mark than its multifamily counterpart, a Yardi Matrix report shows.
A similar trajectory could be traced in the national advertised asking rates, where the single-family rental rates grew by 1.0 percent year-over-year through July, outperforming the multifamily growth of 0.8 percent during the same period, another report from the same data provider points out.
Just last month, Premium closed its sixth single-family rental housing fund, raising $1.5 billion. The diverse mix of investors included insurance companies, U.S. pension plans and wealth managers, among others.
