An Atlanta real estate developer has bought 20 acres of land in Bradenton and plans to construct 186 built-to-rent townhouses on the site.
RangeWater Real Estate, which declined to disclose the cost of the project, is expecting to begin work later this fall, with the first residents moving in October 2023.
The development, according to RangeWater, will be at 2594 Everson St. in Glen Creek, a planned community.
The two-story townhouses will be three bedrooms, with two main bathrooms and a half bathroom and include garages and private, fenced-in yards. The neighborhood will be called Annalise.
Build-to-rent communities are becoming increasingly popular particularly as housing has become tighter and homes have become more expensive. Across the region construction is underway on dozens of these developments that cater to the kind of resident who can’t afford, or doesn’t want, a single-family home but wants the benefits that come home ownership and suburban living.
According to the company, the Bradenton townhouses are being built under RangeWater’s Storia platform, a $1 billion program the company launched in 2020 to develop build-to-rent communities.
RangeWater Real Estate is a multifamily investor that buys, manages and develops properties across 11 states. Its portfolio currently includes 93,000 units, and it has invested $6.5 billion in multifamily and build-to-rent properties.
Build-to-rent currently makes up 15% of the company’s managed portfolio.
The company already has a significant footprint in the area with existing properties in Bradenton, Wesley Chapel, Sarasota, Estero and Tampa.
In September, it announced it was adding 536 new units to its local portfolio with the purchase of the 248-unit Tradition at Palm Aire apartments at 8445 Gardens Circle near University Parkway in east Manatee County and with the construction of 288-unit apartment complex in Pasco County.