Atlanta developer buys land, takes $45M loan for Tampa apartments

An Atlanta developer has bought a 32.34-acre site in Tampa’s Temple Terrace and plans to build a 330-unit apartment community on the site. 

The buyer is Impact Development Management, which is developing the property with an unnamed institutional equity partner.

The purchase was announced by Colliers, which represented the seller, a Manhattan LLC that paid $5.3 million for the property last year.

The firm did not disclose the sales price, but according to Hillsborough County records, Impact Development paid $8.25 million for the property at 6502 E. Sligh Ave. late last month.

Public records also show the company took out a $45.2 million mortgage within a day of closing on the land and is using it as security.

Online records show the lender is Trustmark National Bank, also out of Atlanta.

The community, which is being called River Hill, will be made up of 11 three-story buildings with one-, two- and three-bedroom units ranging in size from 707 square feet to 1,248 square feet.

Impact Development is set to break ground immediately with first units becoming available in early 2026.

Impact Development Management owns more than 5,200 units with $1 billion in total project value, according to its website. Most of its developments are in the southern U.S. though it also has properties in Texas, Missouri and Michigan.

In Florida, it owns the 288-unit Legacy Encore in Tampa and the 236-unit Adela at MiMo Bay in Miami.

In addition to multifamily, Impact Development develops hospitality, mixed-use, education, community and sports properties. Among its project is the 72,000-seat Mercedes-Benz Stadium.

Colliers’ Casey Babb, Mark Eilers and John Ruscigno represented the seller.