Developers Acquire 26-Acre Development Site For Planned $120 Million Class-A Residential Community In Cape Coral

Siesta Lakes. Credit: Shoreham Capital.

West Palm Beach-based real estate developer Shoreham Capital, in partnership with Salt Lake City-based Bridge Investment Group and Denver-based Wynkoop Financial, announce the acquisition of a 26-acre development located at 186-264 Tierra De Paz Loops in Cape Coral, Florida. The planned $120 million development, dubbed Siesta Lakes, will be a Class-A residential rental community. Current plans for Siesta Lakes include 412 apartment units comprising one-, two-, and three-bedroom floor plans, with each residence having a private balcony, as well as open concept living areas and high-end finishes. Amenities will include a gym, pool, dog park, pickleball courts, business center, and more. Construction is slated to begin in Q4 2022.

Founded by longtime real estate executives Doug Faron, Steve Figari, and Nick Zoumas, Shoreham Capital concentrates on value-add opportunities, ground-up rental developments, adaptive reuse, and residential alternatives, including single-family rentals. This transaction marks the first deal for the partners in their newly formed entity Shoreham Capital, which will focus on owning, operating, and developing real estate assets across the East Coast and Sun Belt regions. Prior to launching Shoreham, Faron served as a Managing Director at CIM Group; Figari was a Managing Director at Slate Property Group; and Zoumas the founder and owner of JNS Homes.

“Given our team’s extensive and proven track record in real estate investment and development, we believe Shoreham Capital is well-positioned to capitalize on high-growth markets such as Southwest Florida,” said Doug Faron, Partner at Shoreham Capital. “We are focusing on opportunities characterized by strong investment fundamentals and Siesta Lakes is perfectly aligned with that strategy. We are thrilled to announce this acquisition and are excited to grow alongside our partners at Bridge and Wynkoop.”

“Bridge Investment Group is pleased to partner with Shoreham Capital to bring an exciting multifamily development to Cape Coral. Shoreham has been meticulous in its approach to designing a high-quality project for the community. We look forward to a successful partnership with Shoreham and the city of Cape Coral,” said David Coelho, Chief Investment Officer for Bridge Investment Group’s Opportunity Zone Program.

In the heart of Cape Coral, outside of Fort Myers, the site is located just off Pine Island Road, a major corridor filled with national and regional retailers and restaurants. Cape Coral is a highly desirable live/work community, offering easy access to popular beaches such as Sanibel Island, Captiva, and Barefoot Beach. The city consistently ranks among the hottest housing markets in Florida notably for its year-over-year rent growth, making it an attractive market for real estate investments.

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