Lafayette Real Estate has snapped up a plot of land to develop a build-to-rent (BTR) community in the Tampa suburb of New Port Richey, in Florida.
This deal marks the fifteenth transaction the firm has executed since launching its latest BTR programme in 2023, representing more than 1,000 units and $300m of capital in seven metropolitan areas across the US sunbelt.Thibault Adrien, CEO at Lafayette
Thibault Adrien, CEO at Lafayette, said: “Despite a persistent bid-ask spread between buyers and sellers, we’ve been able to be creative and adapt our strategy to focus on sourcing land directly and building out our internal homebuilding capabilities, while maintaining strong relationships with our homebuilder partners.
Chris Mataja, Lafayette’s chief operating officer, said the project, named Grand Reserve, is located in a “sought-after suburb of Tampa with high population density, low BTR supply in the area relative to what we typically see in the Northeast and Southeast Tampa, and highly-rated neighborhood schools, supporting what we expect will be strong performance”.
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