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Business Observer Monday, Sep. 19, 2022 4 months ago

Atlanta multifamily company expands along Gulf Coast, adding over 500 units to its portfolio

RangeWater is using acquisitions and now new construction to grow its footprint in Florida.
by: Louis Llovio Commercial Real Estate Editor

An Atlanta multifamily real estate firm is increasing its presence on the Gulf Coast with 536 new units, 248 it bought in East Manatee County and 288 it plans to build in Pasco County.

RangeWater Real Estate is a multifamily investor that buys, manages and develops properties across 11 states. Its portfolio currently includes 93,000 units, and it has invested $6.5 billion in multifamily and build-to-rent properties.

The company already has a significant footprint in the area including existing properties in Bradenton, Wesley Chapel, Sarasota, Estero and Tampa.

The Pasco County project, however, will be the first ground up development for the company’s new in-house construction division.

The 288-unit development at 33100 Eiland Blvd. in Wesley Chapel will sit on 20 acres and be made up of three-story garden-style buildings with amenities including car wash, walking trails and open-air green space. Units will be one, two and three bedrooms.

In addition to the more standard features available at apartment complexes, RangeWater says detached garages will be available, and there will be a 3-acre dog park with a second large lawn where movies will be shown. 

A bridge will connect the property to a lake preserved for future development.

Construction on the development, which will be called Tortola, will begin immediately and the first units are expected to be done next summer.

RangeWater is using acquisitions, with the purchase of Tradition at Palm Aire apartments, and now new construction of Tortola in Pasco County to grow its footprint in Florida. (Courtesy photo)

RangeWater is partnering with Nuveen Real Estate, an investment firm, on the project. Nuveen is the capital partner and RangeWater will manage the property and oversee its development with the new division handling the building.

In east Manatee, meanwhile, the company bought the Tradition at Palm Aire apartments at 8445 Gardens Circle near University Parkway.

The complex was built on 28 acres in 1991 as condos and is made up of 248 one-, two-, and three-bedroom units with screened-in balconies and patios. The company plans to upgrade interiors.

RangeWater bought Tradition from Penler, a fellow Atlanta real estate firm. Penler bought the complex in September 2020 for $48.11 million. At the time, it planned to spend about $5 million in improvements. 

As for what RangeWater paid for the property and how much it will spend to build in Pasco, a spokesperson for the company says in an email that it “doesn’t share acquisition or development costs.” Property records had not been updated as of Sept. 19. 

This story has been updated to reflect the role of the new in-house construction division.

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