GTIS Partners LP (“GTIS”), a real asset investment and development firm based in New York, today announced the formation of a joint venture (“JV”) with Casa Fresca, a wholly-owned subsidiary of Homes by WestBay (“WestBay”), to invest $50 million of equity in the acquisition, development, construction, marketing, and sale of entry level homes in communities located across the Tampa MSA.
WestBay is a highly-regarded private homebuilder founded in 2009, operating in and around Tampa, Florida. Casa Fresca was founded by WestBay in 2019 to capitalize on the growing opportunity in entry-level housing. To date, the JV has invested in three residential developments, with several others anticipated to follow shortly.
Tampa has remained one of the nation’s top housing markets with strong home sales across all price points and products due to its attractive relative affordability and positive in-migration from higher-cost cities. The local economy has also been the beneficiary of a diversified employment base across several major industries including finance, retail, healthcare, insurance, shipping, military, tourism and real estate.
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