Berkadia announced the sale of a 25.66-acre build-to-rent (BTR) development site within the Waterset master-planned community in Apollo Beach, Florida.
Senior Managing Director Matt Mitchell and Director Chris Burtner of Berkadia North and Central Florida led the transaction on behalf of the seller, Brookfield Residential, based in Costa Mesa, California. The property was acquired by national public homebuilder Taylor Morrison, who is Scottsdale, Arizona-based and will construct and operate this community of upscale cottage-style homes, by way of its Yardly for-rent brand.
The site is currently vacant and strategically located within the highly sought-after Waterset community, a 2,734-acre master-planned development in the rapidly growing Tampa Bay area. Yardly Taylor Morrison plans to develop a premier lower-density build-to-rent community featuring a mix of one- to three-bedroom single-family rental homes, each with their own private backyard. The community will host a range of amenities including a pool, clubhouse, fitness center, pet park, and pickleball courts. This will be the first and only BTR project within the Waterset community, diversifying its housing options to meet growing demand for rental homes in the region.
“The sale of this site to Taylor Morrison’s Yardly brand reflects the increasing demand for build-to-rent communities, particularly in prime locations like Waterset,” said Mitchell. “Brookfield Residential’s decision to partner with Yardly Taylor Morrison for this development further underscores the strength and growth potential of Waterset, making it one of the most attractive communities in the Tampa Bay area.”
“We couldn’t be more excited to be invited into an incredibly well-planned masterplan that is Waterset and provide a unique rental housing option that is sought after by so many in Florida and elsewhere,” said Darin Rowe, President of Taylor Morrison’s Yardly brand.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
Taylor Morrison’s Yardly segment includes more than 30 owned properties across the country featuring neighborhoods that are reimagined relative to traditional apartment living and provide increased function and form for residents.
Brookfield Residential Properties ULC is a leading land developer and homebuilder in North America. We entitle and develop land to create master-planned communities, build and sell lots to third-party builders, and conduct our own homebuilding operations. We also participate in select, strategic real estate opportunities, including infill projects, mixed-use developments, and joint ventures. We are the flagship North American residential property company of Brookfield Corporation (NYSE: BN; TSX: BN), a global alternative asset manager.
