GTIS Partners has expanded its build-to-rent portfolio beyond the Phoenix metro and into the Tampa area. The firm acquired a 72-acre site in Wesley Chapel, Fla., for an undisclosed price and will develop it into an approximately 260-unit build-to-rent community. GTIS said it has an estimated budget of $68 million for the community that will be named River Landing.
GTIS will be developing River Landing in-house, but has tapped BSB Design as the project’s planner and architect, while Clearview Land Design will serve as the site’s civil engineer and Land Advisors Organization will be the broker, Bill Mumford senior director of acquisitions and development at GTIS Partners, told Multi-Housing News.
The firm is expecting to break ground in early 2023, reach vertical construction in mid-2023 and complete the community in an overall 24-month construction cycle, Mumford said. River Landing is projected to have a mix of two-, three- and four-bed homes that range from 1,000 to 1,740 square feet and amenities including a clubhouse, pool, playground, dog park, trails and other community spaces.
Mumford said in prepared remarks that Tampa had excellent fundamentals for residential investing due to its expanding population and economy. He also noted that there is relatively little new supply of build-to-rent homes despite the metro’s strong fundamentals.
Three BTR Projects in Phoenix Area
GTIS has been working on three other build-to-rent projects located in the Phoenix metro. In January, the firm acquired a 13-acre site in Glendale, Ariz. that will be developed into a 144-unit built-to-rent community. In the Phoenix suburb of Queen Creek, GTIS also acquired the land for a 276-unit build-to-rent community in April. In addition, GTIS broke ground on a 197-unit build-to-rent community in Mesa, Ariz. in December 2020.
While River Landing is the firm’s first build-to-rent project outside the Phoenix metro, Rob Vahradian, partner at GTIS, said in prepared remarks that the firm has been investing in the Tampa metro for more than a decade. GTIS has completed master-planned developments and homebuilding projects, with the build-to-rent category complementing those strategies.