Trilogy Receives $64M to Proceed With Suburban Tampa Apartments
The project is taking shape in a significantly underbuilt submarket.
Trilogy Real Estate Group has received a $64 million construction loan for the development of The Albion, a 325-unit apartment community being built in Valrico, Fla. The project, located 14 miles east of downtown Tampa, is slated for delivery in the fourth quarter of 2028.
The financing is in the form of a three-year, floating-rate loan provided by QuadReal Property Group, a global real estate debt and equity investor and developer in the residential, industrial and alternative spheres. QuadReal has thus far made debt investments topping $700 million to build residential space in underserved and growing markets.
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The Albion will be located at 104 South Mulrennan Road, in a Tampa submarket that has seen few market-rate apartment communities built in the past 15 years.
The community will feature six mid-rise buildings on 13 acres. The community will offer a mix of one-, two- and three-bedroom units averaging 919 square feet. Planned amenities include a resort-style pool, a golf simulator, a speakeasy-style lounge and a fitness center. There will be coworking spaces, a pet park and spa, as well as bocce ball and sand volleyball courts.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Matthew Lawton, Managing Director Jesse Wright, Director Kenny Cutler, Associate JJ Hovenden and Analyst Miguel Pedersen.
Valrico’s growth in recent decades has been part of the expansion of greater Tampa, transforming formerly quiet agricultural areas into suburban destinations. According to the U.S. Census Bureau, the town had about 6,500 people in 2000; 20 years later, the population had reached 37,900. Valrico’s existing rental stock consists primarily of aging properties, with an average vintage of 1975 within a five-mile radius, according to JLL.
Greater still sees brisk development
Multifamily development in Tampa continues apace, with developers adding 11,269 units or 4.1 percent of existing stock in 2025, outpacing the national rate by 110 basis points, according to Yardi Matrix data. Going into 2026, the pipeline remained consistent, with 2025 construction starts above the previous year’s volume.
In June, real estate construction and financial company Focus and Bradford Allen secured a $135 million construction loan for 275 Fifth St., a 373-unit residential project in St. Petersburg. Affinius Capital provided the financing.
In May, Hillpointe secured $67 million in construction financing for Pointe Grand Interbay at Tampa, workforce housing community that’s expected to come online in June of next year. PNC Bank provided the capital for the 408-unit development.
