Because renters fit a wide variety of profiles, multifamily developers need to create options in each market.
That’s exactly what Lindemann Multifamily Management did when it built River Oak at Fernwood Forest, the first community of built-to-rent single-family homes in Indiantown, Florida.
With a population of 6,560 as of the 2020 census, Indiantown is part of the rural inland region for popular beach towns such as Stuart and Jupiter Island. River Oak bridges the gap between traditional single-family ownership and aging or limited rental stock for people moving to and working in the growing South Florida market.
Management of the complex is led by Dallas-based Willow Bridge Property Company. The development fostered new partnerships between ownership, property management, local employers and municipal stakeholders. This model supports long-term economic growth by allowing residents to live closer to where they work, reducing commutes and encouraging local spending.
“Although the project is located outside Port St. Lucie, it adds additional affordable housing options for the Treasure Coast region,” said Elijah Wooten, economic development administrator for the City of Port St. Lucie and a judge in CoStar’s Impact Awards competition.
Because the project is bringing quality, affordable single-family rentals to the region, it has earned a CoStar Impact Award, as determined by a panel of judges who are experts on the region.
About the project: The 133 houses come in three- and four-bedroom models ranging from 1,448 square feet to 2,389 square feet, with monthly rents from $2,494 to $3,800, according to CoStar research.
What the judges said: “This development produced some sorely needed quality single-family housing product for those looking to settle in Indiantown,” said Jeff Chamberlin, sales broker with SLC Commercial. “The long-term exit strategy for this project is good, as the homes can eventually be sold to renters and other entry-level homebuyers.”
“River Oak at Fernwood Forest is a first-of-its-kind in Indiantown. While the only meaningful multifamily development built in Indiantown in many years, this community offers a standard of living anyone can appreciate and enjoy,” said Douglas Legler, senior director for Stuart at Cushman & Wakefield.
They made it happen: Jennifer Bucci, senior regional marketing director, and Melissa Johnson, regional property manager at Willow Bridge Property Company, facilitated the deal.