PCCP, LLC announced it has provided $20 million in preferred equity alongside a joint venture of Middleburg Communities and Mattoni Group for the ground-up development of Hamlet Avalon Park, a 260-unit built-for-rent community.
Hamlet Avalon Park will feature 160 cottages, 21 townhome buildings, and seven duplexes. The property will feature a unit mix of one, two, and three-bedroom units averaging 800 square feet (sf) to 1,700 sf along with 558 parking spaces. Unit interiors will include vinyl plank flooring, quartz countertops, stainless steel appliances, tile backsplashes in the kitchens, and in-unit washers and dryers.
On-site amenities will include a clubhouse, resort-style pool, fitness center, dog park, dog wash, grill area, outdoor firepit, and package lockers. The project is within the Avalon Park Master Planned Community which spans more than 1,600 acres and is entitled for 2,300 for-sale single-family homes, 1,980 rental units, 500,000 sf of mixed-use commercial space, two new schools, and 813 acres of preserved wetlands.
“PCCP is pleased to be a part of another built-to-rent community in this growth corridor of the Tampa MSA and to work alongside Middleburg Communities,” said Andrew Barbakoff with PCCP.
Located approximately 6.5 miles east of I-75 and along State Road 54, the property sits in Pasco County and is less than 15 minutes from the I-75 Office Corridor. The immediate area is experiencing various expansion projects, including Wiregrass Ranch (250,000 sf of office and 333,000 sf of retail), and Orlando Health’s Tampa expansion (2,000 employees). Pasco County projects a 44.3% rise in employment over the next decade, with the projected population within a five-mile radius to grow 21% over the next five years according to CoStar.
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $24.2 billion in assets under management on behalf of institutional investors as of June 30, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $41.6 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
