Wellesley Rehoboth, LP, a new partnership sponsored by Jack Lingo Asset Management (JLAM), a Rehoboth Beach, Delaware based real estate development and asset management firm, is pleased to announce the acquisition of a planned 131 home community in Rehoboth Beach, Delaware known as Wellesley.
JLAM recently completed a private placement for the project, securing more than $7 million in equity capital from a combination of high net worth and private fund investors.
The Wellesley community includes 131 single family homes and will feature an amenity area and pool overlooking a central pond. The unique wooded enclave features lots lined with mature forest and several water features. The project is located just west of Coastal Highway, providing easy access to the resort beaches, destination shopping, and countless dining options. Prior to its acquisition, JLAM secured all entitlement and agency approvals for the development of the property.
The partnership will install the community infrastructure, amenities, and oversee all other development-related activities. The project site construction is now underway and sales are expected to begin in spring of 2020. NV Homes will be the project’s exclusive builder.
JLAM is Delmarva’s market leader in land development and real estate investment activities. Through a series of investment programs, it represents a broad range of capital sources, including high net worth and private equity investors. JLAM focuses on creating value at each stage of the development process, while leveraging the team’s 100+ years of combined real estate and finance experience, to deliver successful projects and generate positive returns.
For more information on the company and its portfolio, please visit www.jlamre.com.