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Financial Analyst
813.675.0465
wade.sarchet@berkadia.com
WADE SARCHET
Associate
813.675.0121
bailey.smith@berkadia.com
BAILEY SMITH
Director
321.319.1415
tyler.swidler@berkadia.com
TYLER SWIDLER
Managing Director
321.319.1414
brett.moss@berkadia.com
BRETT MOSS
Senior Managing Director
813.217.3419
matt.mitchell@berkadia.com
MATT MITCHELL
Senior Managing Director
727.674.4097
jason.stanton@berkadia.com
JASON STANTON
INVESTMENT SALES
Senior Director
Benjamin.Harris@berkadia.com
310.209.3236
BENJAMIN HARRIS
Managing Director
Allan.Freedman@berkadia.com
310.209.3243
Allan Freedman
Associate Director
Nick.Provost@berkadia.com
310.209.3227
Nick Provost
MORTGAGE BANKING
CONTACT Info
4890 West Kennedy Boulevard
Suite 940
Tampa, FL 33609
Tampa Office:
LOCATION
+/- 25.66 Developable Acres
Size:
225-325 Units
Entitlements:
Graded and Brought to Elevation
Site Condition:
Stubbed to Site
Utilities:
Off-site Detention Provided
Stormwater:
SITE Summary
Berkadia is pleased to present the opportunity to acquire Lot 4 of Phase F at Waterset, a +/-25.66-acre build-to-rent development site (the “Property”, or the “Site”, or “Lot 4”) within Waterset, a renowned master-planned community in Tampa Bay, Florida. With entitlements available for 750 units across Lots 3 & 4, it is anticipated Lot 4 will be developed as a lower density build-to-rent (“BTR”) project with 225-325 units, while neighboring Lot 3 (available separately) will become a higher density garden-style project with 325-400 units. The ultimate unit
count will be determined by the market.
Lots 3 & 4 are within Phase F, a mixed-use district within the Waterset master-planned community that includes entitlements for 200,000 square feet of commercial/retail space and 90,000 square feet of office space on Lots 1 & 2.
Located about 12 miles south of downtown Tampa, Waterset thoughtfully blends upscale residential neighborhoods, excellent schools, commercial and retail uses with an extensive network of parks and trails to create a community that delivers enduring appeal. The surrounding area of Apollo Beach offers residents many recreational opportunities while being close to major employers and office markets.
The Site is positioned to take advantage of accelerating demand for rental housing in the area and is the first and only low-density build-to-rent site within Waterset. Along with Lot 3, these two sites represent the only sites for multifamily development remaining in the best-selling master-planned community.
The Opportunity
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Investment Highlights
The Opportunity
Phase F BTR Land Site (Lot 4)
25.66-Acre, Fully Entitled, Low Density Multi-Housing Site Located within the Waterset Master Planned Community in Booming Southeast Hillsborough
Southeast Hillsborough area is the fastest growing area in the Tampa Bay MSA and one of the fastest growing regions in the U.S. Over the next 5 years, Southeast Hillsborough expects to gain 76,000 (11.95% increase) new residents, accounting for nearly half of the population growth expected across the entire Tampa Bay MSA. In response to this growth, homebuilders have been adding thousands of new homes and Hillsborough County plans to add 9 new public schools within the submarket (including one just blocks away from the Subject Site). While growth has been robust, multifamily development has not kept up. Only 2,956 units have delivered since 2021, while another 2,820 units are currently under construction (AxioMetrics).
BOOMING SOUTH BAY AREA:
04
Residents enjoy convenient access to major employment nodes, with downtown Tampa and the Brandon office markets 15 to 25 minutes away. Employment in the immediate area also include Port Tampa Bay (85,000 direct and indirect jobs), the newly delivered St. Joseph's Hospital South, and Amazon's one million square foot distribution center just south of the Site.
EASY ACCESS TO GROWING JOB CENTERS:
03
Over the next five years, Southeast Hillsborough will account for 50% of Tampa Bay’s population growth. With only 6,024 new rental units slated for delivery in Southeast Hillsborough, this submarket has one of the most favorable supply-to-growth ratios (one unit to every 12.6 people) in the state. Additionally, Waterset itself has built-in supply constraints with only 750 units of entitlements remaining. Also notable, the projected five-year average household income will increase to $110K compared to the $93K average today, suggesting the population growth will be comprised of a wealthier demographic that will find themselves in an area with limited Class A supply. Due to this imbalance of supply and demand, YardiMatrix is projecting positive rent growth above 3.0% in 2024 and 2025 along with elevated occupancies well over 95.0% for the same time period
Favorable Supply & Demand Fundamentals:
02
Developed in partnership between Brookfield (Newland) and North American Sekisui House, Waterset offers a one-of-a-kind lifestyle with desirable amenities in a convenient location. Residents can live close to nature, exploring miles of trails and outdoor amenities while enjoying the Florida lifestyle in Apollo Beach. With something for everyone, Waterset attracts a wide array of residents, including young professionals, families, and empty nesters.
UPSCALE MASTER PLANNED LOCATION:
01
Hillsborough County
Municipal Approvals:
Associate Director
727.871.9576
alec.fox@berkadia.com
ALEC FOX
Vice President
813.675.0122
bryan.brown@berkadia.com
BRYAN BROWN
Mortgage Banking
The Opportunity
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