BB Living Expands Florida SFR Footprint
The community is the developer’s second in the Sunshine State.
BB Living has opened BB Living at Epperson Ranch, a 164-unit, single-family rental community in Wesley Chapel, Fla., its second such property in the state.
Arbor Realty Trust issued a $32.6 million construction loan for the project in 2021, according to public records. The note is due in December.
BB Living at Epperson Ranch encompasses three- and four-bedroom townhomes with floorplans ranging from 1,639 to 1,944 square feet. Units feature smart home technology, 9-foot ceilings, granite countertops, as well as two-car garages. Community amenities include a gym, swimming pool, walking trails and a dog park.
Located at 31921 Conchshell Sail St., the single-family rental property is about 31 miles northeast of downtown Tampa, Fla. Several retail options and lakes are within walking distance.
READ ALSO: Top 10 Challenges for BTR Operators
As of November, BB Living’s single-family rental community portfolio comprised 3,400 units throughout 20 properties in Arizona, Colorado, Idaho, Texas and Florida. An additional 1,500 rental townhomes were in the planning and permitting stages.
Earlier this year, BB Living also brought online Antigua at Lakewood Ranch, a 192-unit build-to-rent property in Lakewood Ranch, Fla., the first it developed in the state. The company has three other BTR communities that are slated to come online next year in Florida.
Tampa’s versatile SFR pipeline
Advertised asking rents for Tampa’s SFR sector were down 2.7 percent year-over-year through August, but the metro’s pipeline held steady with more than 1,800 units underway as of early November, Yardi Matrix data shows. Developers brought online north of 810 units throughout metro Tampa during the first 10 months of the year, according to the data provider.
Agador Spartacus Development’s Magnolia at Spring Hill project bolstered the metro’s pipeline with 162 units. The developer secured $32 million in construction financing from a partnership between North River Partners and Amzak Capital Partners in September.
