Fiore
![Fiore-photo-1-v1](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/reits-images/Fiore-photo-1-v1.jpg)
Thesis:
Investment provides JPMREIT with exposure to high-conviction SFR strategy in Venice, a fast-growing sub-market of Sarasota
Favorable demographics: high median income and home values1 with 20% population growth over past decade
Tenant value proposition: attractive rents relative to nearby home ownership and luxury apartment alternatives2
Purchase price of $360k/home is below replacement cost
Gated community with spacious units, excellent amenities, and strong schools3
Developed by JPMREIT through a forward commitment, delivered in phases, to allow minimal downtime
1 Median income $99k, median home value $524k.
2 Fiore rent ~$3k, comp prices: $425-525k/home and $415-419k/apt.
3 Units ~1,858 SF; Amenities: pool, patio, seating area, dog park; ‘A’ rated schools.
Property Type
Single-family rental (SFR) townhomes
Market
Sarasota
Investment Date
December 2023 – August 2024
Size
126 units
Purchase Price
$45.4M
![Fiore-photo-2-v1](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/reits-images/Fiore-photo-2-v1.jpg)
![Fiore-photo-3-v1](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/reits-images/Fiore-photo-3-v1.jpg)
![Fiore-photo-4](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/reits-images/Fiore-photo-4.jpg)
As of December 18, 2023. Source: JPMAM. Assumptions are based upon available data at time of closing. All models and projections are subject to change and non-binding. Any forecasts, figures, opinions, views and investment techniques, unless otherwise stated, are those of the investment manager/adviser at the time of this document. They are considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. They may be subject to change. Past performance is not a reliable indicator of current and future results. All statistics are intentionally as of the closing date unless otherwise noted and in local currency.