New York-based real estate investment firm GTIS Partners secured $37.5 million in financing to acquire and develop the multifamily residential development Tavalo Tradition in Port St. Lucie, Florida.
The build-to-rent townhouse development occupies 28 acres of Tradition MPC, a 2,500-acre master-planned community that includes residential, retail and industrial tenants. It is on one of the last parcels available to develop within the community, and serves a need in the area for modern, affordable, family rental housing, earning it the distinction of multifamily development of the year for Port St. Lucie in CoStar's 2024 Impact Awards, as judged by real estate professionals familiar with the market.
Tenants have a choice between two- and three-bedroom units ranging from 1,300 to 1,500 square feet. The townhouses feature keyless entry doors, two-car garages, quartz countertops, 42-inch kitchen cabinets, stainless steel appliances, washer-dryer setups and LED lighting. Outdoor amenities include a clubhouse, pickleball courts, a fitness and yoga studio, a pool, pet community and ample green spaces.
The property is managed by Willow Bridge Property Co.
About the Project: Tavalo Tradition, a build-to-rent townhome community with 216 units in Port St. Lucie, Florida, started construction in September 2022 and was completed in July 2023. The development offers two- and three-bedroom townhomes ranging from 1,300 to 1,500 square feet.
What the Judges Said: "With the builder's boom that has been ongoing in the area since 2020 it was a big win for the community to get a 200+ rental housing community. Offering two- to three-bedroom homes for rent is crucial in our area with so many people being priced out from purchasing a home, " said Chris Belland, vice president, Jeremiah Baron & Co. Commercial Real Estate
They Made it Happen: Melissa Johnson, regional property manager, Willow Bridge; Thomas Shapiro, president and chief investment officer, GTIS Partners; Robert Vahradian, partner and head of U.S. investments, GTIS Partners; Theodore Karatz; managing director and head of build-to-rent acquisitions, GTIS Partners; Ed McDowell, partner and head of U.S. acquisitions, GTIS Partners; Bill Mumford, senior director and head of master plan and land development, GTIS Partners; Scott Bordogna, senior director and head of asset management, GTIS Partners; Andy Kerkoff, vice president of land development, GTIS Partners.