A Virginia developer has bought 49 acres in Pasco County and is planning to nearly 650 build-to-rent and apartment units on the site.
Middleburg Communities closed on two acres last week in Wesley Chapel near State Road 54. The two developments will bring 648 total units to the site — 338 apartments and 260 single-family, town house and duplex build-to-rent units.
The $165 million project will be built in the 1,600-acre Avalon Park Wesley Chapel master-planned community.
The Pasco land purchase is the developer’s fifth Florida purchase in the past year and its first major foray in the Tampa region. Before this, the company’s focus has been on the Orlando market where it owns three properties near completion. It also has a build-to-rent community in development in Jacksonville.
Middleburg is based in Vienna, Virginia, a suburb of Washington, D.C. Since it began in 2004, the development and investment firm says it has bought or built more than 22,000 apartments and had more than $3 billion in transactions. Its portfolio includes properties across the South.
The apartment complex, Mosby Avalon Park, will feature one-, two- and three-bedroom units in four-story buildings with elevators.
Hamlet Avalon Park, the build-to-rent component, will include a mix of cottages, duplexes and townhomes, each with private entries and patios. Some units will have yard space and attached garages. The community will be built with neighborhood parks and green space.
The $165 million project is broken up between $85.5 million for Mosby Avalon portion of the development and $79.5 million for Hamlet Avalon portion.
Construction on the apartments is expected to begin immediately and to open sometime next year, Middleburg says. Work on the build-to-rent component will start later this year.