JLL arranges sale of 190-unit build-to-rent development site in Tampa MSA

MIAMI, April 6, 2023 – JLL Capital Markets announced today that it closed on the sale of GroveParc Townhomes, a 48.08-acre, build-to-rent development site located in Wesley Chapel, Florida (Tampa MSA). With site work complete, the development is approved for a 190-unit townhome community.

JLL worked on behalf of the seller, Blue Pointe Builders, an investment group from South Florida. Resibuilt acquired the asset.

GroveParc Townhomes is located proximate to I-75 allowing for quick access to Downtown Tampa, the Westshore Business & Entertainment district, and Tampa International Airport. Wesley Chapel has experienced tremendous population and economic growth over the last decade. It is anchored by top-rated schools and high-paying jobs across multiple industries.

With an anticipated completion of January 2025, GroveParc Townhomes will consist of three- and four-bedroom townhomes with garages. Amenities within the gated community are set to include a clubhouse, resort-style pool, fitness center, playground, dog park, pickleball courts, lakeside trail and pedestrian access to the adjacent Krate & The Grove at Wesley Chapel, an open-air shopping center with a plethora of retail and dining options.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Max La Cava, Managing Director Zach Nolan and Executive Managing Director Manny de Zarraga.

“GroveParc Townhomes is one of the most exciting build-to-rent projects in Florida,” said La Cava. “It is perfectly positioned to capitalize on the influx of high-paying jobs to Wesley Chapel and offer future residents the best of both worlds – an upscale single-family rental living experience within a 48-acre nature-driven community, located adjacent to the action-packed heart of Wesley Chapel.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Blue Pointe Builders is a Miami-based development firm led by Eduardo Avila. Mr. Avila has developed major commercial and residential real estate projects for his own companies, and on behalf of institutional investor for over 35 years.

ResiBuilt is an Atlanta-based leader in the build-to-rent space that was founded by the principals of RESICAP, a vertically integrated institutional owner of single-family residential assets in the United States. RESICAP has grown steadily to offer acquisitions, renovations, leasing and property management services to institutional owners in 37 states and 59 markets. In 2018, RESICAP launched Resibuilt to construct new homes and communities throughout the United States. Having developed more than 1,200 homes and acquired in excess of 4,000 lots, the firm is deeply rooted in the successful development of the build-to-rent product type.