Source: GTIS Partners
TAMPA, FL - GTIS Partners, a real estate investment firm that manages over $4.3 billion in gross assets with a focus on residential and industrial investments, announced its closing on River Landing, a 72-acre site that will be developed into an approximately 260-unit build-to-rent community. The project, located in the Tampa Metropolitan Statistical Area, will be developed in-house by GTIS and has an estimated budget of approximately $68 million.
The site is located in the Wesley Chapel submarket of Pasco County, a thirty-minute drive from downtown Tampa. The site has excellent connectivity with access to State Road 56, making it an attractive option for commuters. The surrounding area amenities include retail and restaurants at the Shoppes of New Tampa.
Bill Mumford, Senior Director at GTIS, said, "Tampa has excellent fundamentals for residential investing as the population and economy continue to expand. As Hillsborough County becomes increasingly built-out, we believe Pasco County is poised to be the primary beneficiary of Tampa's future growth, making River Landing an attractive area for investment. Despite those strong fundamentals at the MSA and county levels, there has been relatively muted new supply of BTR product, creating an attractive opportunity for development."
Rob Vahradian, Partner at GTIS, added, "We are excited about this opportunity to expand our existing BTR platform in the Tampa MSA—a market we know well and have been investing in for over a decade. We have been actively investing in Tampa across master plan development and homebuilding projects and think that BTR complements those strategies."