The Preserve at Poinciana is a 175- home build-for-rent development transaction structured as a forward sale prior to land closing. The land was sourced off-market from a generational farming family and given the attractive basis allowed for a forward purchase structure. Ultimately an institutional investor on behalf of a large state pension offered a forward purchase for the property at over a 20% return significantly decreasing the risk while locking in an opportunistic return. Given the backstop of the forward purchase, in lieu of a traditional LP partner, Arrowmark provided fixed low-cost preferred equity for the opportunity. Construction started in summer of 2023 and the final home was completed approximately one year later.