The Terwilliger Brothers Residential LLC (TBR) has broken ground on its multifamily development in Palmetto, Fla. Trevesta Place will consist of 256 units between six different buildings. According to Yardi Matrix data, a construction loan for $34 million was secured through Hancock Whitney Bank in late 2021.
The development is scheduled for completion by April 2023. Preleasing will begin in late December. Weller Management will oversee property management for the asset.
The project is in Manatee County along the West Coast of Florida. According to the U.S. Census Bureau, Manatee County has experienced over 3 percent population growth in the last year, or more than 25,000 new residents. While South Florida leads the U.S. for rent growth, western Florida is simultaneously experiencing huge rental demand increases.
Trevesta Place will house studio, one-, two- and three-bedroom apartments ranging from 770 to 1,358 square feet. Community amenities will include a pool, pergola and yoga lawn. Residents will live in proximity to Tampa Bay, downtown St. Petersburg, Bradenton, Sarasota and Tampa.
The development is one of six current projects by TBR. Another includes Oxford Place, a 154-unit Florida community also set to break ground soon.