NewStar Exchange has announced its acquisition of The Residences at Village Park Center, a built-to-rent single-family residential community located within The Villages.
The Residences at Village Park Center is located between the Hampton Inn on County Road 466 and the Saddlebrook Softball Complex. Under construction next door is the huge new Pebble Springs Retirement Community. The property had been listed by Character Oaks Real Estate or C.O.R.E.
The Residences at Village Park Center is 100 percent leased and features newly constructed single-story, three-bedroom/two-bathroom floor plans totaling 1,544 square feet per home, including two-car attached garages, ceramic tile and luxury vinyl tile flooring, quartz countertops, stainless steel appliances, and screened-in lanais. The property is not subject to an age restriction and homes are attainably priced for family housing with average in-place monthly rents of $1,996, or $1.29 per square foot, and recent leasing at $2,095, or $1.36 per square foot. The company acquired the property in an all-cash deal.
“We are excited to announce the closing of our second investment for NewStar Exchange,” said Joe Gibson, Chief Investment Officer for NewStar. “Located in the center of The Villages, The Residences at Village Park Center is a rare, non-age restricted built-to-rent community that caters to the broader local population, including the employees of The Villages’ community and their families. Given the ongoing growth of The Villages and limited non-age restricted family housing, we believe the property will continue to experience significant demand.”