Origin Investments, a leading real estate private equity firm, and RISE, a full-service real estate development, construction and management company, have formed a joint venture to develop Horizon at Sereno, a $79.5 million, niche-oriented, Class A multifamily community in suburban Tampa (Wimaumu and Sun City Center), Florida.
This marks the second development RISE and Origin Investments have partnered on, the first being Linden House, a $60.1 million, 295-unit development in Jacksonville, FL.
The new market rate development will feature 320 units, located in seven buildings and be comprised of a mix of flat over flat as well as traditional one-, two- and three bedroom apartments. Units will average approximately 1,100 square feet.
The first units are scheduled to be delivered in Spring 2024.
“Horizon at Sereno is that special opportunity to partner with an established developer with a proven track record in Florida and enter into a dynamic and under-developed market area like suburban Tampa,” says Kyle Verhasselt, Vice President of Acquisitions, Origin Investments. “We’ve been looking for such an opportunity and are excited to be moving forward with RISE and an experienced development team.”
Horizon at Sereno is located on a 17-acre site at the front edge of DG Farms, a 1,384-acre master planned community that features office, retail and residential uses. The site is one of the last undeveloped parcels in the DG Farms community, which means it will be one of the newest communities when completed.
The property also offers niche-oriented positioning in the market. In the Sun City submarket there is a shortage of multifamily housing options. The closest comparable property is more than 4 miles away and targets a different demographic. Otherwise, housing options in the Sun City Center area include condos, duplexes, or single-family homes.
“We have a tremendous opportunity to set the market and define the expectations for multifamily development in this area,” said Greg Hunter, RISE Chief Financial Officer.
The new development will include a series of seven three- and four-story buildings. The Horizon at Sereno community amenities will include, but not be limited to, four-story walk up with elevators, resort-style pool, indoor fitness area, business center, club room, and indoor dog spa. Unit amenities will feature granite countertops in the kitchen and bathroom, walk-in closets, private balconies in select units, and full-size, energy-efficient washer/dryers.
Horizon at Sereno will feature 476 surface parking spaces as well as 100 covered and 32 garage spaces.
Horizon at Sereno will be situated within the purview of three pivotal economies in the greater Tampa region – Sun City Center, Riverview, and Wimauma. Collectively, the economies of Riverview, Sun City Center and Wimauma employ more than 52,000 people. The largest concentration of jobs are in the healthcare, finance, insurance, retail trade and related professional services areas.
In addition to joint venture partners Origin and RISE, the development team for Horizon at Sereno will include RISE as general contractor, CBA as architects and Hamilton Engineering as civil engineer. RISE will manage lease-up, operations and facility maintenance.