Tampa suburb poised for luxury apartment boom as developer breaks ground on first new project in 15 years

MIAMI, July 21, 2026 –  JLL Capital Markets announced today that it has arranged $64 million in construction financing for The Albion, a 325-unit luxury apartment community in Valrico, Florida, approximately 20 minutes east of downtown Tampa.

JLL represented the borrower, Trilogy Real Estate Group, in securing the three-year, floating-rate loan with QuadReal Property Group, a global real estate investment, development and operating company. 

The Albion will be located at 104 South Mulrennan Rd., a historically underserved Tampa submarket that has seen just two market-rate apartment communities built in the past 15 years. The project is expected to be delivered in the fourth quarter of 2028. Tampa's explosive population growth has driven urban sprawl into surrounding communities like Valrico, transforming what was once a quiet agricultural area into a thriving suburban destination. Valrico's existing rental stock consists primarily of aging properties, with an average vintage of 1975 within a five-mile radius.

The Albion will span 13 acres and feature six mid-rise buildings totalling over 420,000 square feet, including 403,000 square feet of residential space. The community will offer a mix of one-, two- and three-bedroom units averaging 919 square feet, with spacious floor plans and resort-quality amenities rarely seen in the submarket. Planned amenities include a resort-style pool, golf simulator, speakeasy-style lounge, state-of-the-art fitness center, co-working spaces, pet park and spa, along with bocce ball and sand volleyball courts.

The project benefits from Valrico's proximity to major employment centers, including downtown Tampa's 70,000-plus workforce, the Westshore Business District with more than 100,000 employees, and MacDill Air Force Base with 19,000 military and civilian personnel.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Executive Managing Director Matthew Lawton, Managing Director Jesse Wright, Director Kenny Cutler, Associate JJ Hovenden and Analyst Miguel Pedersen.

"The Albion addresses a significant supply-demand imbalance in one of Tampa's most undersupplied submarkets," said Wright. "With virtually no new construction in the past 15 years and no competing projects in the pipeline, Trilogy is positioned to capture strong demand from families and young professionals seeking luxury rental housing at approximately 30% below downtown Tampa pricing."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Trilogy Real Estate Group is a vertically integrated real estate investment and management firm with over $2.0 billion of assets under management. Trilogy buys, builds, and manages institutional quality apartment communities throughout the United States. Through several investment cycles, Trilogy and its affiliates have developed, acquired and redeveloped over 14,000 units accounting for over $5.5 billion in transaction volume. www.trilogyreg.com

QuadReal Property Group is a global real estate investment, development and operating company headquartered in Vancouver, British Columbia. Its assets under management are $98.5 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities globally for investments in equity and debt in both the public and private markets. QuadReal invests directly through operating platforms in which it holds an ownership interest and via programmatic partnerships.

QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come. QuadReal: Excellence lives here. www.quadreal.com