Jones Lang LaSalle (“JLL”) has been engaged by Blue Pointe Builders, LLC (“BPB” or the “Sponsor”) to secure a forward-purchaser for Groveparc Townhomes (the “Project”, or the “Property”), a 190-unit to-be-developed, Class A build-to-rent townhome community located in Wesley Chapel, Florida (Tampa MSA). The Property’s strategic location offers immediate connectivity to Downtown Tampa and the Westshore Office market – both located within a 25-minute drive. Additionally, the Property is adjacent to The Grove Wesley Chapel, Pasco County’s most popular shopping center, which offers a plethora of retail and dining options – providing future tenants with the best of both worlds; a peaceful nature-driven living experience within a short walk of an energetic town center.
- BTR ‘Forward Purchase’ Opportunity: Rare opportunity to acquire a Class A build-to-rent townhome community available at a basis significantly below ‘stabilized’ market-value
- Sought-after Tampa Location: Groveparc Townhomes is located in Wesley Chapel, a high-end submarket of Tampa – the #1 ranked housing market in the country (Zillow)
- World-Class Amenities: Lifestyle-driven amenity packages includes: Club house, fitness center, resort style pool, lakeside park, walking trails, dog park, children’s playground, beach volleyball court, basketball court, pickle ball courts, and a world-class soccer field
- Access & Connectivity: Strategic location adjacent to I-75 offering immediate access to Downtown Tampa
- Robust Market Fundamentals: CoStar projects rental rates in Wesley Chapel to grow by 17% and occupancy to average 95% through 2025
- Seasoned Sponsorship: Experienced development team with 35+ years of experience and a proven track record throughout Florida
- Record Institutional Capital Chasing BTR: More than $40 Billion raised by institutional investors targeting BTR assets nationally, is driving aggressive competition and pricing for new-construction stabilized communities, offering a clear path to an exit strategy