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Business Observer Tuesday, Apr. 26, 2022 2 months ago

Tampa apartments sold; $100 million in financing secures deal

Bainbridge Ybor City was bought by an unnamed investor who's planning to invest about $9 million on improvements.
by: Louis Llovio Commercial Real Estate Editor

Bainbridge Ybor City, a 240-unit apartment complex in Tampa, has sold for $90.65 million.

The deal came together with $100 million in financing, with the $9.35 million in additional funds to be used for improvements. Of the $100 million, $67.55 million came from the New York-investment firm Square Mile Capital and $32.58 million came from an unnamed international private equity group.

CBRE, who worked with the buyer, helped secure both loans. The firm declined to disclose the buyer’s name, and Hillsborough County property records have not been updated.

Bainbridge, at 1512 E. 12th Ave., is within the Ybor City National Historic Landmark District. The property was built in 2018 by Florida developer, the Bainbridge Cos. Bainbridge, according to county records, sold the property to GMF Capital, a New York investor, in 2020 for $58 million.

The complex features one- and two-bedroom apartments ranging from 627 to 1,196 square feet. Rents, according to complex’s website, are $1,811-$2,699 per month.

Eric Fixler, an executive vice president with CBRE, says in a release announcing the financing, says the improvements planned by the new owners include upgrades to amenities and common areas and “will accelerate the overall rent growth experienced at the property.” 

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