30-acre Pasco property sold for $12.75M for build-to-rent community

Developers behind a new build-to-rent community in Land O’ Lakes have closed on the property.

South Carolina-based Maymont Homes paid $12.75 million for the 28.5-acre parcel in the Bexley master planned community.

It along with the Houston construction company Dinerstein Cos. are planning to build a 250-unit community on the site. It will include a mix of two- and three-bedroom residences with private yards, attached garages and access to a clubhouse, fitness center, neighborhood parks and a resort-style swimming pool.

This will be the first build-to-rent community in Bexley. Berkadia, which announced the sale and represented the seller, Brookfield Residential Land, says leasing is expected to begin late next spring with move-ins starting in the fall.

The community will be built near Bud Bexley Parkway and Sunlake Boulevard in Pasco. It is next to a 41-acre parcel set to be developed as a retail center.

Berkadia’s Matt Mitchell and Chris Burtner worked on the deal.