Middleburg Communities to Develop Residential Community in Tampa Submarket

Development to feature a mix of low-density, single family rental homes and traditional apartment units

VIENNA, Va.--(BUSINESS WIRE)--Middleburg Communities (“Middleburg”) today announced it closed on two land parcels totaling 49 acres adjacent to Friendly Way located off of FL-54 in Wesley Chapel, Florida, a submarket of Tampa. Leveraging its in-house construction capabilities, Middleburg plans to develop two residential communities: Mosby Avalon Park, a 338-unit traditional apartment community, and Hamlet Avalon Park, a build-to-rent community with 260 single-family homes, duplexes and townhomes. Construction will commence immediately on the Mosby component while Hamlet Avalon Park is planned as a future phase.

"These projects in Wesley Chapel represent our largest development investment to date and our fifth acquisition in Florida during the past year. We’re grateful for our investment partners and Synovus Bank for having confidence in our ability to execute. Our development and construction teams are eager to get started in earnest and we look forward to our grand opening next year.”

The convenient location of the community, approximately 30 minutes from downtown Tampa, offers exceptional access to job centers and regional demand drivers. Mosby and Hamlet Avalon Park are part of the Avalon Park Wesley Chapel master-planned community, which is situated on over 1,600-acres and is entitled for 4,800 residences units and 500,000 SF of retail and commercial space, much of which has already been delivered or is currently under construction.

Mosby Avalon Park will feature one, two and three-bedroom units in four-story elevator-served buildings with quartz countertops, stainless steel appliances, and luxury vinyl plank flooring. Amenities include a resort-style pool, fitness center, dog park, and pet spa.

Hamlet Avalon Park will offer one, two, and three-bedroom floorplans with a mix of cottages, duplexes, and townhomes, each with private entries, patios, and yard space and attached garages in select units. Interiors will feature quartz countertops, stainless steel appliances, and luxury vinyl plank flooring and the community will include numerous neighborhood parks and green space, a resort-style pool, fitness center, dog park, and pet spa.

Mosby Avalon Park and Hamlet Avalon Park are Middleburg’s first entrance into the Tampa Metropolitan Statistical Area (MSA), one of the fastest growing markets in the country. Middleburg’s growing Florida portfolio includes three assets in Orlando – Mosby Citrus Ridge, a 300-unit Class A multifamily community currently under construction, Indigo Champions Ridge, a 300-unit Class A multifamily community currently in lease-up, and The Baldwin, a 270-unit Class A multifamily community – and one asset in Yulee, Hamlet Wildlight, a 250-unit Class A built-for-rent community currently under construction.

Financing for Mosby Avalon Park is being provided by Synovus Bank.

About Middleburg Communities

Middleburg is a leading investment firm maximizing value through a fully integrated approach to the acquisition, development, construction and operations of high-quality attainable rental housing. Since 2004, Middleburg has acquired and developed more than 22,000 apartment units, executing over $3 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm’s success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit www.middleburgcommunities.com.