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Business Observer Tuesday, Apr. 19, 2022 2 months ago

Phoenix developer looking to buy land in Florida — quickly

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VT LandGroup out of Arizona looking for parcels for built-to-rent communities.
by: Louis Llovio Commercial Real Estate Editor

If you’ve got a piece of land you want to sell, there’s an Arizona builder that wants to talk to you.

Phoenix-based VT LandGroup is looking hard to buy parcels of property to construct built-to-rent communities across the country and in the Tampa area. So hard, in fact, that it sent out a press release saying it was “aggressively” looking for land.

The company is in search of parcels with a target of 20 acres and that are close to employment centers or transportation corridors. In addition to Tampa, it’s looking for land in Orlando, Atlanta, Austin, Charlotte, Dallas/Fort Worth, Denver, Las Vegas, Nashville and Salt Lake City.

It wouldn't say if it was open to parcels in Florida outside of Tampa and Orlando. The goal is to use the properties for build-to-rent communities. VT says these developments have become an “extremely attractive product type for renters looking for a superior rental lifestyle.”

VT is part of the Van Tuyl Companies, a real estate investment and development company with a national portfolio.

Van Tuyl Cos., according to its LinkedIn profile, is the enterprise overseeing the business interests of the Van Tuyl family, which Forbes, in 2015, named one of the richest families in America with a net worth of $3.5 billion. 

According to a market analysis from Walker & Dunlop, a commercial real estate finance firm that has a build-to-rent practice, growth in the niche segment is expected to outpace multifamily, office, retail, storage and hospitality by the end of this year. And the firm believes that 5% to 10% of new homes built will be for rent.

The finance firm, which created a dedicated team for the sector last year, says the build-to-rent market is estimated at $3.4 trillion. That’s compared to $3.5 trillion for the multifamily market.

Up and down the Gulf Coast, more and more developers are jumping into the market, with several projects currently in the works.

As for how many communities VT wants to add to that is unclear. It didn’t disclose plans in its press release and a spokesperson did not respond to questions about its plans.

The company does, however, say it’s in a “well-capitalized position and its short due diligence and approval process means it can make decisions quickly and close quickly without financing contingencies.”

And if you’re the one with a property to sell, that’s a sentence you like to hear.

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