JV to Develop Suburban Tampa Community
First units are slated to be delivered in first quarter 2026.
Impact Development Partners and an institutional equity joint venture partner plan to build a new community in Temple Terrace, Fla., a northern suburb of Tampa. Located at 6502 E. Sligh Ave., the 330-unit apartment community will feature 11 three-story apartment buildings.
River Hill’s unit mix will offer renters one- through three-bedroom apartments ranging in size from 707 to 1,248 square feet. A clubhouse will be among the common-area amenities.
The joint venture partners have purchased a 32.3-acre multifamily site along the Hillsborough River in Temple Terrace for the development. Project officials believe that the area is ripe for an infusion of quality workforce housing, which the new development is poised to provide.
“Capitalizing these deals continues to be a major headwind for multifamily developers as most of the institutional equity sources have exited the market and the ones who are left are being highly selective on a variety of fronts, including both macro and micro location criteria and development sponsor considerations,” Casey Babb, CCIM, executive vice president, multifamily investments for Colliers, told Multi-Housing News.
“The principals at Impact Development Partners have a great reputation in the industry and a long track record of success. And the fact this site was in Tampa, Fla. is what allowed them to secure capital.”
River Hills will be centrally located between Brandon and downtown Tampa, within a triangle created by Interstates 75, 4 and 275. It is located proximate to a number of the area’s leading job hubs, including the University of South Florida, Moffitt Cancer Center, Busch Gardens, Seminole Hard Rock Casino, the Mid-Florida Credit Amphitheatre and a new Amazon Fulfillment Center.
IDP is set to break ground on the community immediately. First units are slated to be delivered in first quarter of 2026.
Last month, American Landmark made news by acquiring The Griffin, an apartment community in the Tampa suburb of Brandon, Fla. The 455-unit luxury community resulted from the combination of two neighboring assets. It covers a total area of 23 acres.
