News Provided By
Mar 02, 2022, 10:00 ET
View source version on HERE
Media Contacts
(203) 992-1230
The Project Represents GTIS' Fourth Build-to-Rent Development To-Date
TAMPA, Fla., March 2, 2022 /PRNewswire/ -- GTIS Partners LP ("GTIS"), a real estate investment firm that manages over $4.3 billion in gross assets with a focus on residential and industrial investments, today announced its closing on River Landing, a 72-acre site that will be developed into an approximately 260-unit build-to-rent ("BTR") community. The project, located in the Tampa Metropolitan Statistical Area ("MSA"), 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."
Tampa is the third largest city in Florida. A large portion of that growth has been in Pasco County, which is projected to be Florida's second fastest growing county from 2020 to 2025.
The Project represents GTIS' fourth BTR project announced to-date and the first outside of the Phoenix MSA. GTIS has previously announced the development of Cotton and Northern, a 144-unit BTR community in Glendale, AZ; Cadence, a 197-unit BTR community in Mesa, AZ and Queen Creek Commons, a 276-unit BTR community in Queen Creek, AZ.
GTIS has been investing in Florida since the Housing Crisis, committing approximately $395 million of equity across 30 projects, with a total development cost of $2.3 billion. Across its various strategies, GTIS has invested in the construction/development of nearly 5,400 homes/units and over 10,000 residential lots across Florida. In the Tampa MSA, GTIS has a Joint Venture with Casa Fresca, a wholly-owned subsidiary of Homes by WestBay, to invest $100 million of equity in the acquisition, development, construction, marketing, and sale of entry-level homes. Additionally, GTIS has several active master plan development projects in Tampa, including Union Park and Mirada, both of which are located within a nine miles radius of River Landing.
About GTIS Partners
GTIS Partners is a leading real estate investment and development firm headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Paris, and Munich. The firm was founded in 2005 by Tom Shapiro and is managed by President Tom Shapiro and Partners Amy Boyle, Thomas Feldstein, João Teixeira and Rob Vahradian. The firm manages $4.3 billion in gross assets as of Q3 2021 and is active across a wide range of real estate sectors including single-family and multifamily housing, office, industrial/logistics, and hospitality as well as renewable energy infrastructure and opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 130 assets across 40 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa,, and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, hospitality and renewable energy investments. Marquee assets in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort-style hotel.
Click here to return to the homepage
View source version on gtispartners.com HERE
https://www.prnewswire.com/news-releases/gtis-partners-closes-on-build-to-rent-project-in-tampa-301493863.html
留言