Developer to bring 330-unit apartment community to Temple Terrace

Tampa, FL, November 5, 2024 – Impact Development Partners (IDP), in a joint venture with an institutional equity partner, has purchased a 32.34-acre multifamily site at 6502 E. Sligh Avenue in Tampa to build a 330-unit apartment complex along the Hillsborough River. The community will include a clubhouse, resort-style, riverfront amenities, and 11 three-story apartment buildings and will offer one-, two-, and three-bedroom apartments ranging in size from 707 to 1,248 square feet.

Casey Babb, CCIM, Mark Eilers, and John Ruscigno of Colliers represented the seller, 6502 E Sligh Property Owner, LLC. The buyer was represented internally.

“The Temple Terrace submarket hasn’t seen much in the way of multifamily development in decades outside of the Community Redevelopment Area at the corner of Busch Blvd. and 56th Street,” said Eilers, Executive Vice President for Colliers. “The area is primed for quality workforce housing, which this project will deliver.”

The property, referred to as River Hills, is centrally located between Brandon and Downtown Tampa and sits within the geographic triangle bound by I-75, I-4, and I-275. It is surrounded by some of the area’s top employers, including the University of South Florida, Moffitt Cancer Center, Busch Gardens, Seminole Hard Rock Casino, the Mid-Florida Credit Union Amphitheatre, and the new Amazon Fulfillment Center.

IDP is set to break ground on the community immediately with first units delivering in early 2026.

“This deal came together despite significant headwinds in the capital markets which has hindered most new construction,” said Babb. “It’s a testament to Tampa’s ability to attract investment capital and to the collective team for being able to get the deal done.”

Impact Development Partners is a leader in multifamily asset development across the Southeastern United States, benefiting from the project and construction management expertise of its sister company, Impact Development Management (IDM). In addition to their extensive portfolio of multifamily projects, IDM has delivered on iconic projects such as Atlanta's Mercedes-Benz Stadium and The Bellyard Hotel, as well as Jacksonville's upcoming Four Seasons Hotel & Residences at the Shipyards and the Jacksonville Jaguars Stadium of the Future. Together, Impact Development Partners and IDM bring unparalleled experience and insight to each venture, setting a new standard in high-quality development and management.

Media Contact:

Kasey Brennan

kasey@truebluecommunications.com

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