Origin Investments and RISE have partnered for a second time to build a 320-unit community in Tampa, Fla. The two companies formed a joint venture to develop Horizon at Sereno, expecting to break ground on the residential project later this month. RISE Construction will be the project’s general contractor, while CBA was tapped as the project’s architect and Hamilton Engineering as the project’s civil engineer.
The joint venture recently acquired the 17-acre site for Horizon at Sereno and is looking to deliver the first units in late spring 2024. The community will divide its units among seven three- and four-story buildings that will have one-, two- and three-bedroom units that average 1,100 square feet.
The units will be built with walk-in closets and full-size washers and dryers, with select units offering private balconies. The joint venture is also planning to include a pool, fitness area, business center, club room and indoor dog spa as common amenities. Horizon at Sereno will have 476 surface parking spaces, along with 100 covered and 32 garage parking spaces.
Horizon at Sereno will be located next to DG Farms, a 1,384-acre master planned community with office, retail and residential uses. The site that the community is being built on is one of the last undeveloped parcels in the DG Farms development, which means it will be one of the newest communities when completed.
According to RISE, the Horizon at Sereno will be niche-oriented as the Sun City submarket it’s located in has a shortage of multifamily housing options. Greg Hunter, CFO of RISE, said in prepared remarks that Horizon at Sereno will be able to set the market expectations for multifamily developments in the area.
FIVE PROPERTIES IN FLORIDA WITH MORE TO COME
Horizon at Sereno will be Origin’s fifth investment into Florida, while the project will be RISE’s sixth community in the state. The two companies previously worked together in their first joint venture together to develop Linden House, a 295-unit community in Jacksonville, Fla. The project is currently ongoing as the joint venture officially announced plans for it in October.
On its own, Origin closed its first qualified opportunity zone fund in July, targeting 14 fast-growing metros in the U.S., including Tampa, Orlando and Jacksonville. While the first few projects in the fund were not in Florida, the firm is expecting to announce the remaining projects in the coming months.