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TBR completed the development of Trevesta Place, a 256-unit Class A apartment complex in Palmetto, FL in July of 2023. Trevesta Place was developed using the "Summit Prototype" and was completed on-time, on-budget, and achieved a rapid lease-up.
Upon sale, Trevesta Place achieved a 30% project level IRR.
Trevesta Place features up-scale apartment finishes that include granite countertops, smart home capabilities, stainless steel appliances and 42" cabinets. The community offers a resort-style pool, a state-of-the-art fitness center, and thoughtfully designed common areas that set a new standard for the market.
Palmetto is located in the North River area (north of the Manatee River) of Manatee County, one of the fastest growing locations along the West Coast of Florida with over 25,000 homes planned. It is within an easy commuting distance to Downtown St. Petersburg, Bradenton, Sarasota, and Tampa.
The combination of strong population growth, limited Class A supply in the submarket, and TBR's execution expertise resulted in a rapid lease-up that significantly outperformed initial projections.
