J.P. Morgan Real Estate Income Trust Inc. (JPMREIT) closed on the first of several groups of townhomes it is purchasing in the new Fiore build-to-rent community in Venice. 

This first tranche of 36 units will be followed by other groups of 18 to 36 townhomes as construction progresses. JPMREIT will ultimately pay $45.5 million, or about $360,000 per unit, for the entire community of 126 three-bedroom residences. The transaction is expected to wrap up in August. 

Community amenities will include a pool, dog park and lake, while units will offer quartz countertops, high ceilings, stainless-steel GE appliances and one- or two-car garages. 

“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,” JPMREIT Co-President Dave Esrig said in a press release. “This new, purpose-built, dedicated rental community of single-family townhomes provides families with an alternative to home ownership in communities where they might otherwise be priced-out of buying in the current market environment.”  

Each residence will have a one- or two-car garage. Courtesy of Fiore.