Built-to-rent community breaks ground in San Antonio
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 8, 2024

A built-to-rent development of more than 300 homes is under construction in Pasco County.

Miami-based Advenir Capital said it has started site work on LEO at Cypress Creek, which is directly north of Publix Super Markets Inc. at Mirada on State Road 52. Advenir paid $13 million for just over 41 acres in 2022, Pasco County property records show.

Vertical construction on the 315 homes is expected to begin in June. Plano, Texas-based BBL Building Co. is the general contractor; Nequette Architecture & Design of Birmingham, Alabama, is the architect. Advenir said the homes, a clubhouse and pool will occupy 36 acres, and the remaining acreage will be dedicated to commercial use. Pocket parks, pet washing stations and free WiFi are among the community's planned amenities.

Advenir pegged development costs at $93.5 million. LEO at Cypress Creek will include cottage-style homes, duplexes and townhouses ranging in size from 728 to 1,510 square feet. The project is close to several major employment centers in Pasco County: the forthcoming DoubleBranch mixed-use development; a 1.4 million-square-foot Target Corp. fulfillment center that's scheduled for completion this year; and a planned Johns Hopkins children's hospital.

“San Antonio offers a high quality of life with a low cost of living, providing an attractive destination and great place to call home,” Advenir Capital CEO Marc Mariano said in a statement.

The majority of Advenir's Florida portfolio is concentrated in South Florida. It owns one property in Tampa, Advenir at the Watson, which it acquired in 2023.

Built-to-rent communities are a hot investment and development prospect in the Tampa Bay region. A community in Riverview recently sold to national rental owner-operator Ark Homes for Rent.