DLA Piper advised Lenox West Capital on its equity investment in Stellar Townhomes at Space Coast, a US$72 million build-to-rent development by Stellar Communities in Rockledge, Florida. DLA advised on all related matters of the transaction, including, but not limited to, the acquisition, construction financing, and GMP contract.
Lenox West is an integrated real estate investment management firm located in Santa Barbara, CA primarily focused on the housing sector. Located on Florida’s Space Coast, the project will transform the former Rockledge Airport into a 201-unit residential neighborhood featuring two-, three-, and four-bedroom townhomes ranging from 1,400 to 2,000 square feet. The townhomes are designed for renters seeking the space and privacy of single-family homes without the responsibilities of ownership.
The project fits within Lenox West’s strategic priorities, which is high-growth secondary and selective tertiary Southeast and Texas housing markets, positioned in-or-near innovation, industrial and logistics hubs.
The DLA Piper deal team was led by Partner Ryan Hanofee (Boston/New York) and included Associates Anton Tikhomirov (Boston) and Chris Darby (Short Hills).
With more than 200 lawyers in our real estate and construction practice in the US and 500 globally, DLA Piper’s market-leading team offers a full range of real estate services, including acquisitions and sales, single asset, programmatic and operating company joint ventures, real estate fund formation, public and private REITs, financing, cross-border transactions, zoning and development, construction and design, leasing, restructuring, and workouts. The firm represents many of the world’s largest and most sophisticated real estate investors, owners, developers, and lenders in their most important matters.
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