ResiBuilt Acquires BTR Development in Tampa Area

The property, GroveParc Townhomes, is expected online in January 2025.

GroveParc Townhomes rendering

A rendering of the completed GroveParc. Image courtesy of JLL

ResiBuilt is expanding its Florida presence with the acquisition of an under-construction build-to-rent community, GroveParc Townhomes, from Blue Pointe Builders. JLL’s Max La Cava, Zach Nolan and Manny de Zarraga represented the seller.

Site work at the project, which spans more than 48 acres, is complete. Blue Pointe Builders began constructing the property in March 2022. The community is expected online in January 2025.

The development site is already approved for a Class A townhome totaling 190 units. When completed, GroveParc Townhomes will offer three- and four-bedroom units averaging 1,765 square feet. The site will include 26 two-story townhomes where each unit will have its own one-car garage. The community’s amenities include a clubhouse, pool, fitness center, playground, dog park, lakeside trail and pickleball courts.

Located at 6568 Halo Bend Court, residents are within walking distance to The Grove at Wesley Chapel, an open-air shopping center with many retail and restaurant options. GroveParc Townhomes will also be near the Interstate 75, giving residents an easy way to travel downtown Tampa, to the Westshore business district and to Tampa International Airport.

Big on BTR in Florida

LaCava, senior director at JLL, said in prepared remarks that the project would capitalize on the rise of high-income jobs in the Wesley Chapel market. Other companies have also caught onto the strong demographics in the area and have started work on their own BTR projects. In March, Middleburg Communities acquired a land parcel in Wesley Chapel that will be home to a 260-unit BTR community, which will be part of a larger master-planned community.

ResiBuilt recently sold its single-family rental portfolio, comprising six communities and 536 residences in the Atlanta area, for $133.7 million. While the developer typically builds rental communities in the Southeast, with many of its projects located in the Atlanta area, it has since expanded to other major Southeast metros. Its development pipeline is spread across the region and includes projects in Orlando, Fla., Charlotte, N.C., and Nashville, Tenn.

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