A ground braeking ceremony has been held for the construction of Madison Watergrass in Suburban Tampa has officially begun. The ceremony was carried out by Madison Communities an affiliate of Madison Capital Group, at the project site in Wesley Chapel’s Crossroads region.
The actual construction works are expected to start this same month (September).
Features and amenities
The 288 apartments at Madison Watergrass in Suburban Tampa will be housed in a total of 8 structures 4 & 2 stories tall. The featured amenities include luxury apartment finishes and an integrated clubhouse with a fitness center. Additionally, there will be an outdoor lounge with a summer kitchen, a resort-style pool, and a pool deck with grilling stations and cabanas.
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Benco Construction will complete the project while FrontRange Capital Partners will provide the funding. Benco is a general construction company affiliate of Madison. FrontRange on the other hand is a real estate private equity business based in Denver.
Ryan Hanks, CEO of Madison Capital Group, commented on the project. He said, “We remain highly active in the Florida markets as well as throughout the Southeast area. Recently we also acquired sites in Bonita Springs, Ruskin, St. Augustine, and Jacksonville.”
More on Madison Watergrass host town
Tampa continues to be a strong market for a variety of multifamily construction and investment. This is according to a July 2022 analysis from Yardi Matrix. As a result, this places the region among the top ten locations nationwide for multifamily sales volume in 2021.
This increase is hugely attributable to the mass emigration of citizens to the state over the previous two years. This is according to a second-quarter 2022 report from Marcus & Millichap. The emigration is forecast to cause a widespread demand leading to a citywide vacancy rate of 2.1%, a 200 basis-point decrease from a year earlier.
Nevertheless, according to Yardi Matrix data, the city has seen sales of roughly $3 billion in the first five months of the year and has 16,939 units scheduled for construction.
