Under construction, built-to-rent complex in Bradenton sells to institutional investor
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 7, 2024

A built-to-rent, villa-style community near Lakewood Ranch has changed hands in a forward sale.

Neal Communities, a developer based in Sarasota, sold the 172-unit Marisol to an institutional investor advised by J.P. Morgan Global Alternatives, according to Berkadia. A team of brokers from Berkadia North and Central Florida, including Matt Mitchell, Bailey Smith, Brett Moss and Tyler Swidler, represented Neal Communities in the transaction.

J.P. Morgan Asset Management represented the buyer.

Marisol’s units are all single-story, with floor plans ranging from 1,434 to 1,524 square feet. Built-to-rent communities typically look similar to subdivisions of single-family homes, but they are owned and operated as rentals. The community sits on 39 acres next to Lakewood Ranch, a master-planned community.

“Marisol is a highly differentiated rental option that will meet the demand for residents looking for carefree living in a dynamic and upscale location,” Mitchell said in a statement. “Between Neal Communities’ attention to detail and the property’s beautiful and spacious single-story floor plans, Marisol stands in a class of its own.”

A forward sale in commercial real estate refers to an agreement to sell a property at a future closing date. An initial closing was held Feb. 23, Berkadia said. Manatee County property records reflect that transfer of ownership and peg the cost of the initial closing at $3.975 million.

Marisol broke ground in July 2022 and is still under construction. Multifamily developers sometimes prefer a forward sale before completion as it means the new buyer can take over operations as soon as units start delivering. Some buyers prefer a forward sale because they get control of the property sooner and typically purchase at a discount relative to what the completed property would cost.

In late 2023, Berkadia arranged another forward sale with J.P. Morgan Asset Management for a 126-unit townhouse community in Venice.

“We’re pleased to execute another transaction with Neal Communities and bring more purpose-built single-family rental homes to American families,” Ryan Holgan, who along with Jess Jeyabalan of J.P. Morgan Asset Management, led the acquisition team, said in a statement.