JPMREIT acquires newly constructed single-family rental townhomes in Venice, Fla.

J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) has announced the acquisition of an initial tranche of 36 townhomes in Fiore, a single-family rental residential community under development in Venice, Fla.

Upon completion, Fiore is expected to have 126 three-bedroom townhomes, with high-end unit finishes and community amenities, including a pool and a dog park. The total purchase price will be approximately $45.4 million, exclusive of closing costs.

“We continue to see strong demand in the single-family rental sector and this development aligns with our focus on investing in high-quality assets in desirable communities like Fiore,” said Dave Esrig, co-president of JPMREIT. “This new, purpose-built, dedicated rental community of single-family townhomes provides families with an alternative to homeownership, in communities where they might otherwise be priced out of bu