Tuesday, May 17, 2022

Mast Capital Expands Footprint into Tampa Market With 16-Acre Land Acquisition to Build Luxury Apartments in Wesley Chapel – MultifamilyBiz.com

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TAMPA, FL – Amid the demand for apartments surging across the Tampa market, Mast Capital, a premier real estate development and investment firm based in South Florida, is marking its entrance into the Tampa market with a significant site acquisition. Mast Capital, in a joint venture with private equity firm Rockpoint Group, has acquired over 16 acres of vacant land in Wesley Chapel. Mast Capital and Rockpoint plan to develop a 248-unit luxury apartment community, with construction anticipated to commence in early 2022. 
The site is located in Wesley Chapel, a rapidly growing northern suburb of Tampa in Pasco County, which has benefitted from its proximity to Tampa Bay’s booming urban core. Wesley Chapel is experiencing net positive inbound migration, deeming it one of the fastest growing and most affluent submarkets within Tampa, with an average household income of over $100,000. The area is home to over a half million residents, with recently developed master-planned communities, investments in infrastructure, and retail and dining establishments contributing to its appeal. The site is also located within a highly regarded school district and directly adjacent to a new $250 million BayCare Hospital development, with an anticipated opening in early 2023. 
Mast Capital has emerged as one of South Florida’s most active real estate development and investment firms, with a diverse portfolio of residential and commercial properties throughout the region. Mast Capital’s current development pipeline includes projects valued in excess of $2 billion, with five projects breaking ground within the next year. Rockpoint Group, headquartered in Boston, employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Over their 27-year history, the firm’s co-founders with others have raised approximately $26 billion in capital commitments. As of June 30, 2021, Rockpoint’s investment team with others has invested or committed to invest in 447 transactions with a total peak capitalization of approximately $67 billion.  
“The movement of companies relocating or expanding their footprint across Florida as well as the favorable tax environment and tropical lifestyle is fueling population growth and creating a set of economic drivers favorable for real estate investment in the region, with Wesley Chapel representing one of the fastest growing submarkets within Tampa,” said Camilo Miguel, Jr., CEO and Founder of Mast Capital. “The population and economic growth of the area is driving demand for quality residential rental housing. Taking these elements into consideration, Mast Capital and Rockpoint Group envision a project that should be well integrated into the fabric of Wesley Chapel and offer desired lifestyle amenities for future residents to enjoy.”  
Demand for apartment living has increased in Pasco County in recent quarters, a notable trend across the broader Tampa market. Vacancies plummeted more than 400 basis points in just two quarters to a record low of 4.8 percent in Q2 2021. Though the rate has increased in recent months due to an uptick in new apartment supply, it remains below the submarket’s 10-year average of about 7.5 percent. 
Additionally, Ensurem, a Florida-based insurance technology and product distribution firm, and Santander Bank recently relocated their offices to Pasco County, adding infrastructure investments exceeding $25 million and over 1,000 new jobs to the area. There has also been a number of large transactions in Q4 2020, including the sale of The Iris at Northpointe for $53 million, Parc at Wesley Chapel for about $53.6 million, and Tapestry at Cypress Creek for $76 million, which marked the first sale in Pasco County to achieve more than $230,000 per unit, and all of which are indicators of the real estate investment activity that will help shape the future of the community.
About Mast Capital: Established in 2006, Mast Capital is a value-oriented real estate investment company with integrated development and asset management teams. Mast Capital has made successful acquisitions in the residential, hospitality, office, retail and land sectors, and targets opportunistic and value-add investments in existing property, ground-up development, distressed real estate, and note purchases. The firm employs a sophisticated approach to structuring its acquisitions, maximizing value to its investors while providing creativity and flexibility to sellers and other third parties to execute highly complex transactions. Mast Capital is led by a senior management team with over 60 years of combined real estate experience and transactions totaling more than $3.5 billion. For more information on Mast Capital’s portfolio, visit www.mastcapital.com
About Rockpoint: Rockpoint is a real estate private equity firm headquartered in Boston with additional domestic offices in San Francisco and Dallas.  Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States.  Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs.  Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations.  Rockpoint’s co-founders with others have sponsored 16 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm and have raised approximately $26 billon in capital commitments. As of June 30, 2021, Rockpoint’s investment team with others has invested or committed to invest in 447 transactions with a total peak capitalization of approximately $67 billion (inclusive of fund equity, co-investor equity and debt). To learn more about Rockpoint Group, visit www.rockpoint.com   
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