Blaze Capital Enters Tampa With 254-Unit Buy
The newly acquired community came online in 2021.
Blaze Capital Partners has entered the Tampa, Fla., market with the acquisition of Lector 85, a 254-unit community. Milhaus Development was the previous owner, according to Yadi Matrix information.
Milhaus completed the five-story building in 2021, using funds from a $34.1 million construction loan from Fifth Third Bank, the same source shows. A year later, the firm took out a $38.6 million permanent note from the same lender.
The community features studio, one-, two- and three-bedroom floorplans, ranging from 518 to 1,255 square feet, as well as about 11,600 square feet of retail space. Units feature quartz countertops, washers, dryers and private balconies or patios in select layouts.
Common-area amenities include a fitness center, clubhouse, swimming pool and business center, together with some 360 parking spaces. Additionally, the building has a yoga room, coffee bar, pet spa, conference room and resident lounge, as well as EV charging stations.
Located at 2409 E. Second Ave. in the Ybor City historic district, Lector 85 is close to a host of dining and retail options, while downtown Tampa is within 2 miles. Tampa International Airport is some 8 miles northwest.
Tampa’s multifamily sector has witnessed steady investment activity in the first five months of the year, Yardi Matrix data reveals. The metro saw 14 multifamily properties—about 2,680 units—trade for almost $520 million, a slight increase in sales prices compared to the same period last year, when 18 assets—some 3,200 units—changed hands for $460.3 million.
