Kennedy Investments is pleased to announce its recent investment in The Keys at Cotee River.
Located in Port Richey, Florida, the Keys at Cotee River will be a 126-unit multi-family rental community. The development will be a gated duplex community of 3-bedroom, 2-bath rental homes, each with an identical 1,176 sq. ft. floor plan. The single-story concrete block homes will be designed in a “Key West” style and the community will feature a clubhouse with an outdoor swimming pool, a playground, and two dog parks on approximately 36 acres. The community offers a spacious development plan with mature trees in an attractive natural setting, and encircles a large natural wetlands area.
The development site is only one mile from downtown New Port Richey, a quaint bedroom community located in Tampa Bay. The Keys at Cotee River is well situated regionally situated only 35 miles from Tampa International Airport and 25 miles from downtown Clearwater. Neighboring properties include single family housing, a variety of retail offerings, grocery stores, hospitals, schools, senior living facilities, commercial office space and entertainment destinations.
The community is designed to appeal to working families and retirees at an affordable, attractive price point. These new rental homes are much needed in Pasco County, which is experiencing robust demand for workforce housing. Multi-family vacancies remain historically low, while rental rates increased by 12.5% in 2021. The Pasco County government recently implemented a year-long moratorium on multi-family development to manage the impact of construction and rapid population growth on existing infrastructure. Given high occupancy rates and continued population migration to the area, the moratorium bodes well for The Keys at Cotee River project.
Kennedy Investments closed on a joint venture agreement with Belair Development Group and Mize & Sefair to construct The Keys at Cotee River. KI Florida Fund II led our investment in the JV, and affiliated KCR Investors participated in a subsequent co-investment in the project.
“Our goal is to help deliver economically attainable, high quality, family-oriented living solutions for the greater Tampa Bay community,” said Jay Kennedy, President of Kennedy Investments.
The Tampa Bay area ranks third in the U.S. for daily net migration and boasted the 4th fastest growing job market in the US over the last decade. Demographic shifts favoring Florida and strong Pasco County specific fundamentals make this development an ideal destination for residents, retirees and recent transplants.
Please direct The Keys at Cotee River rental inquiries to Ryan Hutkowski of Kennedy Investments at (813) 554-1212 or Ryan@KennedyInvestments.com.
