Shoreham Capital, in partnership with Bridge Investment Group and Wynkoop Financial, has broken ground on Siesta Lakes, a 412-unit Class-A rental community in Cape Coral, Florida. The team secured a $66 million construction loan for the project, which is expected to cost $120 million to build. The group paid $11.5 million for the 26-acre property, which is in an Opportunity Zone. In the heart of Cape Coral, outside of Fort Myers, the future community is located just off Pine Island Road.

Each residence will offer private balconies with views of the private lagoon. Curran Young Construction has been tapped as the general contractor. Completion is estimated for the second quarter of 2025. 

Shoreham concentrates on value-add opportunities, ground-up rental developments, adaptive reuse, and residential alternatives across the Sun Belt and East Coast regions of the United States.

Don’t miss real-time key insights from multifamily’s leading power players from Florida, the Southeast, Mid-Atlantic and Gulf Coast! Register to attend Connect Apartments 2023 on Nov 29 in Key Biscayne, FL. Click here to register.

The post JV Breaks Ground on $120M Cape Coral Rental Community appeared first on Connect CRE.