Terwilliger Brothers inaugurates construction in Florida
The Terwilliger Brothers Residential LLC (TBR) opened its multi-family development in Palmetto, Florida. Trevesta Place will include 256 units in six different buildings. According to Yardi Matrix data, a $34 million construction loan was secured by Bank Hancock Whitney end of 2021.
The development is expected to be completed by April 2023. Pre-letting will start at the end of December. Weller Management will oversee the property management of the asset.
The project is located in Manatee County, along the west coast of Florida. According to United States Census Bureau, Manatee County saw population growth of more than 3% last year, or more than 25,000 new residents. While South Florida leads the United States in rental growth, West Florida is simultaneously experiencing huge increases in rental demand.
Trevesta Place will house studio, one-, two-, and three-bedroom apartments ranging from 770 to 1,358 square feet. Community facilities will include a swimming pool, pergola and yoga lawn. Residents will live near Tampa Bay, downtown St. Petersburg, Bradenton, Sarasota and Tampa.
The development is one of six ongoing projects at TBR. Another includes Oxford Place, a 154-unit community in Florida that is also slated to start soon.