WESLEY CHAPEL — A Miami developer is looking to transform 16 acres in Pasco County into a 248-unit luxury apartment community.
Mast Capital, a real estate and development firm, bought the property along with the Boston-based private equity firm Rockpoint Group and will develop it together. The property, at 5101 Bruce B. Downs Blvd. in Wesley Chapel, sold for $4.5 million according to Pasco property records.
The companies chose the site because of the demand for apartment living in Pasco, particularly in Wesley Chapel, which is “experiencing net positive inbound migration, deeming it one of the fastest growing and most affluent submarkets within Tampa,” according to a release announcing the project.
In the release, Mast says vacancies fell “more than 400 basis points in just two quarters” to 4.8% in the second quarter of this year. The rate has increased in the past couple of months due to the number of new units now available, but the company says the vacancy rate is below the 10-year average of about 7.5%.
“The movement of companies relocating or expanding their footprint across Florida as well as the favorable tax environment and tropical lifestyle is fueling population growth and creating a set of economic drivers favorable for real estate investment in the region, with Wesley Chapel representing one of the fastest growing submarkets within Tampa,” Camilo Miguel, Jr., CEO and founder of Mast Capital, says in the release.
Mast Capital has about $2 billion in projects in the pipeline with five projects expected to begin construction next year. Among those is the Wesley Chapel community which will see its first residents move in early 2023.
When complete, the complex will include pool with sun shelf, sundeck with cabanas, dining pavilion w/grills, clubroom, fire pit and an entertainment center.