Single-family built-to-rent communities planned in Wesley Chapel, Sarasota
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 15, 2023

Real estate developers still see plenty of runway in the Tampa Bay region's rental boom.

Multifamily developments that include single-family homes purpose-built as rentals are in the works in Wesley Chapel and South Sarasota. A Birmingham developer has started construction on a traditional apartment community in San Antonio.

While rent growth is leveling off nationally, rents in the Tampa Bay region remain above the national median, Redfin reports. Nationally, the median asking rent in February was $1,937 per month; in the Tampa Bay area, it was $2,189 per month.

Here's a look at some of the latest developments to bet on the Tampa Bay region:

Avalon Park, Wesley Chapel

Middleburg Communities, Avalon Park, Wesley Chapel

Northern Virginia-based Middleburg Communities has closed on 49 acres adjacent to Friendly Way and off of State Road 54 in Wesley Chapel for two communities. The first phase will be Mosby Avalon Park, a 338-unit apartment development. The developer also plans to build Hamlet Avalon Park, a build-to-rent community with 260 single-family homes, duplexes and townhomes.

Mosby, which the developer said is an $85.5 million project, will begin construction immediately. Hamlet, a $79.5 million project, will break ground in the mid-to-late second quarter. Those figures include acquisition and development costs.

While Middleburg has projects in North and Central Florida, its acquisitions in Avalon Park mark its entrance into the Tampa market.

Legacy Trail, Sarasota

Charlotte, North Carolina-based Crescent Communities has broken ground on a multifamily development and a built-to-rent townhouse project in South Sarasota adjacent to the Legacy Trail.

Render Legacy Trail will be a 450-unit multifamily project on 19.5 acres. Crescent has partnered with FCP on the project. Render is the banner under which Crescent builds suburban projects; its urban developments, which operate under the Novel banner, have set records multiple times in Tampa. Novel Beach Park and Novel Independence Park are under construction.

Harmon Legacy Trail, adjacent to the Render development, will include 76 built-to-rent townhouses. The projects broke ground on March 1.

"Together, these communities highlight Crescent Communities’ commitment to growing strategically in Florida and the Sun Belt,” Tim Graff, Florida managing director for Crescent's multifamily business, said in a statement.

Ranch Hill, San Antonio

Birmingham, Alabama-based Dobbins Group LLC is under construction on the 322-unit Ranch Hill apartments at 29068 Queenston Loop in San Antonio.

Dobbins said the project would use a design style trademarked by Humphreys & Partners that mimics the look and feel of a townhouse, including an integrated garage. Capstone Building Corp. is the general contractor. WRA is the civil engineer; HPLA is the landscape architect, and Faulkner Engineering is the geotechnical and quality control engineer. Gerard Crum and Ray Ploucher of Real Estate Advisory Corp. in Tampa brokered the land transaction for the project.

"The development’s convenient location provides a superior option for residents commuting to jobs throughout the greater Tampa Bay region," principal Bill Dobbins said in a statement.