Tampa developers plan built-to-rent homes in Palmetto
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 10, 2024

Two local developers are planning more built-to-rent homes — this time, in Palmetto.

Mize and Sefair Development, led by Jay Mize and Dan Sefair, has received Manatee County approvals for Mia Bella Palmetto, which will consist of 30 single-family homes built as rentals. An entity linked to the developers paid $450,000 for the 10-acre lot at 1955 49th St. E in May 2022, according to Manatee County property records.

Mize said site work for the community will begin as soon as permits are received; he anticipates that will be in the third quarter. Completion is slated for the third quarter of 2025. Each unit will be 1,812 square feet and have four bedrooms and two and a half bathrooms.

Mize and Sefair are pursuing this community on their own. In the past, they've partnered with industry giant Invitation Homes as well as Pinellas Park-based Belleair Development Group.

The plan for Mia Bella Palmetto, Mize said, is to build, stabilize and hold — but they do anticipate a lot of interest from institutional investors. Mia Bella Brandon, for example, was purchased by Invitation Homes when its certificate of occupancy was received. In some cases, investors have snapped up built-to-rent single-family communities in the Tampa Bay region even before they're complete. In Bradenton, an institutional investor advised by J.P. Morgan Global Alternatives purchased Marisol in a forward sale earlier this year.

In late 2023, a 126-unit townhouse community in Venice also sold in a forward sale.