JLL Arranges $64M Construction Loan for Trilogy Real Estate Group's 325-Unit Albion Apartments in Valrico, Florida
JLL has arranged $64 million in construction financing for The Albion, a 325-unit luxury apartment community in Valrico, Florida, developer Trilogy Real Estate Group announced July 21. QuadReal provided the three-year, floating-rate construction loan for the project, which is located approximately 20 minutes east of downtown Tampa and is expected to deliver in the fourth quarter of 2028.
Deal Structure and Team
JLL represented Trilogy Real Estate Group, the borrower, in securing the financing. The JLL Capital Markets Debt Advisory team was led by Executive Managing Director Matthew Lawton, Managing Director Jesse Wright, Director Kenny Cutler, Associate JJ Hovenden, and Analyst Miguel Pedersen.
QuadReal Property Group, a global real estate investment, development, and operating company headquartered in Vancouver, British Columbia, with $98.5 billion in assets under management, served as the lender. QuadReal invests in both equity and debt across public and private markets globally.
Trilogy Real Estate Group is a vertically integrated real estate investment and management firm with more than $2.0 billion in assets under management. The firm has developed, acquired, and redeveloped more than 14,000 units representing over $5.5 billion in transaction volume.
Project Details: The Albion in Valrico
The Albion will be situated on 13 acres at 104 South Mulrennan Rd. in Valrico, Florida. The development will comprise six mid-rise buildings totaling more than 420,000 square feet, including 403,000 square feet of residential space. The 325-unit community will offer a mix of one-, two-, and three-bedroom floor plans averaging 919 square feet per unit.
Planned amenities include a resort-style pool, golf simulator, speakeasy-style lounge, fitness center, co-working spaces, pet park and spa, bocce ball courts, and sand volleyball courts — an amenity package positioned above the existing rental stock in the Valrico submarket.
Undersupplied Submarket Drives Investment Thesis
Valrico has seen only two market-rate apartment communities built in the past 15 years, and no competing projects are currently in the pipeline. The average multifamily vintage within a five-mile radius of the site is 1975, reflecting a rental stock that has seen limited institutional-scale development. The submarket currently has roughly 125 active rental listings across property types, indicating a thin rental market relative to the area's growth trajectory.
Current asking rents in Valrico run approximately $1,300 per month for one-bedroom units, $1,770 per month for two-bedroom units, and $2,150 per month for three-bedroom units. JLL has characterized The Albion's projected luxury rents as approximately 30% below downtown Tampa pricing, positioning the asset as Class A suburban product at outer-ring price points.
"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."
Employment Drivers and Tampa's Eastward Expansion
Valrico's location along the State Road 60 corridor provides direct access to several of the Tampa Bay region's largest employment centers. Downtown Tampa employs more than 70,000 workers, the Westshore Business District counts more than 100,000 employees, and MacDill Air Force Base supports 19,000 military and civilian personnel. The Albion is designed to serve as a residential option for workers commuting to these hubs who seek more space and lower rents than core Tampa submarkets offer.
Tampa's population growth has accelerated suburban expansion into communities like Valrico, which has transitioned from a predominantly agricultural area into a growing suburban destination. The three-year, floating-rate structure of the QuadReal loan reflects an expectation that the project will reach stabilization in a market environment that supports refinancing or permanent debt placement by 2029 or 2030.
The closing of the QuadReal construction loan follows a period during which Trilogy was securing final construction financing and renewing permits, with the company's financial condition described as solid. For JLL Capital Markets, the transaction adds to a series of recent Florida multifamily financings, including deals in Pensacola, the Orlando area, and Juno Beach.
About the Firms
JLL is a global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in more than 80 countries, and a global workforce of more than 113,000 as of March 31, 2026. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
QuadReal Property Group manages $98.5 billion in assets under management and invests directly through operating platforms and programmatic partnerships across equity and debt in public and private markets.
Trilogy Real Estate Group manages more than $2.0 billion in assets and has completed more than $5.5 billion in transaction volume across development, acquisition, and redevelopment activity.
Sources: JLL Newsroom