Lafayette Real Estate, a US-based asset manager specialising in build-to-rent (BTR) and single-family rentals, has purchased land for a BTR community, Grand Reserve, in the Tampa suburb of New Port Richey, Florida.
The development marks the company's 15th transaction under its latest BTR programme initiated in 2023, totalling more than 1,000 units and $300m across seven metropolitan areas in the US sunbelt.
Despite a tough fundraising climate that has seen many developers hesitate, Lafayette has maintained its position as one of the most active BTR developers in the country.
The company's consistent activity comes at a crucial time, as a report by Hunter Housing Economics indicates that BTR deliveries are expected to decrease by one-third year-over-year in 2024, a downturn that will struggle to meet the growing demand for rental housing.
The land for the Grand Reserve project is fully entitled and shovel-ready, with Lafayette's in-house homebuilder, Marquis Homes, set to commence construction.
Lafayette chief operating officer Chris Mataj said: “Grand Reserve is located in a sought-after suburb of Tampa with high population density, low BTR supply in the area relative to what we typically see in the Northeast and Southeast Tampa, and highly-rated neighbourhood schools, supporting what we expect will be strong performance.”
The development phase is scheduled to start this month, with the first homes anticipated to be delivered in the first quarter of 2026.
Brandywine Homes USA, Lafayette's affiliate, will oversee the lease-up and property management for the Grand Reserve community as the homes reach completion.
Lafayette chief executive officer Thibault Adrien said: “Despite a persistent bid-ask spread between buyers and sellers, we’ve been able to be creative and adapt our strategy to focus on sourcing land directly and building out our internal homebuilding capabilities, while maintaining strong relationships with our homebuilder partners.
“The housing supply crisis is deep, and high interest rates continue to keep some developers and homebuyers on the sidelines, restricting the amount of new supply coming online. That created an opportunity for us to step in and develop well-located parcels to build attainable single-family housing for families that choose to rent.”
