RangeWater Expands Presence in Fast-Growing Tampa Area with First In-House Multi-Family Housing Project

TAMPA, FL – RangeWater Real Estate and Nuveen Real Estate are innovating on Tortola, a new 288-unit residential community in the suburban community of Wesley Chapel near Tampa, Florida. RangeWater will oversee the community’s property development and management. Nuveen is the capital partner of the project.

Tortola will feature three-story, garden-style buildings with a range of amenities from a dog park and car wash to walking paths and outdoor green spaces. Located at 33100 Eiland Boulevard in Wesley Chapel, a suburb between Tampa and Zephyrhills in Pasco County, Florida, the new community will meet the growing need for housing in the area with one, two and three bedroom apartments.

“We are committed to keeping our apartments affordable while providing premium amenities,” said Anthony Everett, RangeWater’s Development Manager for Central Florida, himself a permanent resident of Tampa. “Tampa demands more accessible housing to serve a larger population, and that aligns with our philosophy of building more moderately priced housing with luxury Class A finishes. Tortola will deliver just that.

The state’s scorching housing market – stoked by an influx of newcomers – has put a strain on available housing, but RangeWater has been actively expanding in the area and across the state. Florida is RangeWater’s second largest market after its home state of Georgia. The company has developed 6,392 units in the state since 2011.

Tortola will be the first base community in Florida to be built by RangeWater’s newly launched in-house construction division, led by Alp Kirmizioglu, with floor plans similar to the completed 324-unit Sage development at Cypress Cay in Tampa, which began leasing last year, and the 252-unit Lantana, which began construction last year.

At Wesley Chapel, the family community will span 20 acres and feature great amenities, such as optional detached garages, a clubhouse with fitness center, fire pits and kitchenettes, car wash and a 3 acre dog park with a dog. – washing station.

The park will include a large lawn for movie nights and games such as bocce, Everett said, and a bridge leads from the property to a nearby pond that is preserved from further development.

“We are proud of our team for their diligence and ingenuity finding rare development opportunities like this to expand our footprint in Florida,” said Steven Shores, President and CEO of RangeWater. “In tandem, we are excited to build our first build-from-scratch community in the state of Florida. Tortola will be the first of many neighborhoods the RangeWater team is developing, building and managing to benefit those in the Southeast and Mountain West.

RangeWater should innovate immediately. The first units will be delivered at the end of summer 2023.

“Nuveen is thrilled to begin a development relationship with RangeWater in the Tampa metro area,” said Carlos Burneo, Nuveen’s Head of US Housing Development. “The Tortola development is a perfect fit for expanding our middle-income rental housing strategy into a growing market like Wesley Chapel. We continue to seek similar housing investment opportunities in the United States”

The region is a growing employment hub. Amazon is expected to open a new fulfillment center on State Road 52 later this year, and in 2019 AdventHealth added the former Florida Hospital Zephyrhills facility and campus to its network.

The Tampa-St. The St. Petersburg area also has a strong technology presence, ranging from Fisher Investments and Cisco to HDR and ProCore Technologies, among others, all served by three major Interstate highways.

Among RangeWater’s most recent Sunshine State initiatives are two age-targeted communities under RangeWater’s Olea brand, Olea Beach Haven and Olea eTown, which debuted in 2022 and are designed to provide upscale apartments for active adults.

In 2020, RangeWater launched its Storia platform, a billion dollar program to develop buildable single family home communities across the Sun Belt. Build-to-let already accounts for 15% of the company’s managed portfolio, with communities in development in Atlanta, Austin, Charlotte, Dallas, Denver, Jacksonville, Nashville, Phoenix, Raleigh, San Antonio and Tampa.

About RangeWater Real Estate: RangeWater is a fully integrated, multi-family real estate company that creates fulfilling experiences for its partners, clients, residents and employees across the Sun Belt and Mountain West. The Atlanta-based company has acquired and developed more than 34,000 multifamily units since its inception in 2006, representing more than $6.5 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 93,000 multifamily units in 11 states. With offices in Atlanta, Dallas, Denver, Tampa and Salt Lake City, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com