Tampa-based Third Lake Development LLC has closed on a property in St. Augustine to bring its first build-to-rent community to Northeast Florida.
Abrazo at St. Augustine will be built on approximately 33 acres and have just under 250,000 square feet of rental space across 250 cottage-style homes. Select homes will have garages, and the community will have Class A amenities, according to a post the developer shared on Oct. 21 to LinkedIn.
"With its strong population growth, rich history and coastal charm, St. Augustine is an ideal location for our expanding portfolio of build-to-rent communities," the post said. "We're thrilled to see this vision come to life and look forward to sharing more as Abrazo at St. Augustine progresses."
Third Lake Development has three other build-to-rent communities in Florida, Georgia and South Carolina. There are four other build-to-rent communities in development across Florida, including in Pensacola and Port St. Lucie.
The company also has two Centro Storage facilities in development in Jacksonville — at Broward Road and Duval Road — for a total of more than 200,000 square feet of rentable self-storage space.
Abrazo at St. Augustine will be located near the intersection of State Road 207 and Holmes Boulevard at 261 Waterbury Way and is expected to be completed in 2027.
Architectural services will be provided by Parker Mynchenberg & Associates, Inc.
Although the sale price for Abrazo at St. Augustine is not yet available, the property sold for $4 million in November 2023.