Developer pays record pricing for Pasco County apartment site
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Feb 7, 2022

A Minnesota developer has paid a record price for multifamily land in Pasco County.

Roers Cos., based in Minnetonka, Minnesota, bought 22 acres in Two Rivers Ranch for $10.5 million, according to Eshenbaugh Land Co. Tampa development firm Eisenhower Property Group bought the Two Rivers Ranch assemblage in October for $70 million.

The Two Rivers property spans more than 3,400 acres in southeastern Pasco. It straddles State Road 56 and spans from west of Gall Boulevard to east of Morris Bridge Road.

Roers Cos. plans to build 240 units on its 22 acres. Pasco property records show Roers closed on the land on Jan. 21. At $43,000 per unit, the sale is a record for apartment land pricing in Pasco, according to Eshenbaugh Land Co.

Ryan Sampson, Eshenbaugh Land Co. principal, represented Eisenhower Property Group in the transaction. Roers Cos. closed less than 45 days after putting the site under contract.

“It is a credit to a great seller and buyer in being able to get this deal closed in a record-fast timeline,” Sampson said in a statement. “We have no doubt the buyer will be very successful in delivering Class-A apartments at Two Rivers Ranch, as both groups are best-in-class operators with an aligned vision.”