Wesley Chapel – Miami developers are turning 16 acres in Pasco County into a 248 luxury condominium community.
Real estate development company Must Capital will purchase and develop real estate with Rockpoint Group, a private equity firm based in Boston. According to Pasco’s property record, 5101 Bruce B. Downs Blvd., the property in Wesley Chapel was sold for $4.5 million.
The company chose this site because of the demand for apartment living in Pasco, especially Wesley Chapel. Wesley Chapel “is considered one of the fastest growing and wealthiest submarkets in Tampa and is experiencing a pure aggressive inbound migration.” business.
According to Mast, with this release, the vacancy rate fell “over 400 basis points in just two quarters” to 4.8% in the second quarter of this year. Although this has increased in recent months due to an increase in the number of new homes, the vacancy rate is lower than the 10-year average of around 7.5%.
“The favorable tax environment and tropical lifestyle, along with companies relocating or expanding their offices throughout Florida, are driving population growth and creating a range of economic incentives for real estate investment in the area. Wesley Chapel is one of the fastest growing submarkets within Tampa,” said Camilo Miguel, Jr., CEO and founder of Must Capital. stated in the release.
Mast Capital has projects worth about $2 billion in the pipeline, with construction on five of them scheduled to begin next year. Among them is the Wesley Chapel community, where the first residents moved in early 2023.
Upon completion, the complex will include a pool with sunshelf, a sundeck with cabana, a dining pavilion with grill, a club room, a fire pit, and an entertainment center.
Miami Developers: High Demand for Apartments Drives Pasco’s Luxury Complexes | business supervisor
Source Link Miami Developers: High Demand for Apartments Drives Pasco’s Luxury Complexes | business supervisor