Impact Development Partners has acquired a prime 32.42-acre riverfront site at 6502 E. Sligh Ave. in Temple Terrace to develop River Hills, a 330-unit apartment community. The site, located on the scenic Hillsborough River, was purchased for $8.25 million, with the development supported by a $45.2 million construction loan from Trustmark National Bank.
River Hills will feature 11 three-story buildings offering a mix of one-, two-, and three-bedroom apartments, ranging from 707 to 1,248 square feet. The project, which aims to meet the housing demand in the Temple Terrace area, is set to begin construction immediately. Colliers’ team, including Casey Babb, Mark Eilers, and John Ruscigno, represented the New York-based seller, while Impact Development Partners handled its own representation.
Despite current challenges in capital markets, this deal highlights Tampa’s continued ability to attract major investments, even as the region’s once-booming apartment market sees a slight cooling. Projects like River Hills are moving forward as the developers leverage strong reputations and financing expertise to secure funding, positioning them to face less competition upon completion.
If you’re interested in exploring similar investment opportunities in Florida’s growing markets, Azur Commercial is here to provide expert guidance and support for all your commercial real estate needs.
The first apartments are scheduled to be available in early 2026, providing new housing options in one of Tampa’s growing communities.
