GMF Capital has sold Tampa, Fla., multifamily community Bainbridge Ybor City to a private investor. Located at 1512 E. 12th Ave., the 240-unit Class A property changed hands for a reported $90.7 million, with additional proceeds for capital improvements. CBRE arranged a joint venture equity partnership and acquisition financing. The firm worked on behalf of the borrower, securing $32.6 million in equity from an international private equity group. Square Mile Capital furnished a $67.6 million senior loan.
Bainbridge Ybor City is a four-story elevator-served property completed in 2018. The community features a blend of studio, one- and two-bedroom apartments averaging 870 square feet in size. Among features and finishes of each apartment are above-standard ceiling heights, hardwood floors, quartz countertops, kitchen islands and stainless-steel appliances. Amenities include a personal training room featuring virtual fitness on demand.
“It wasn’t a hard deal to get done; it was the right deal at the right time,” Eric Fixler, executive vice president with the Boca Raton, Fla., office of CBRE, told Multi-Housing News. “We actually had multiple bids from multiple lenders. The property being fairly new had traded recently. Our challenge was explaining to the lender how fast the market had progressed post-pandemic.”
Along with Fixler, Chandler Kaye and Chris Smiles represented CBRE.
Noting the downtown district has expanded into the historic Ybor City area of Tampa, Fixler added the latter is considered part of the core market of Downtown Tampa. “We’ve done a lot of business there over the last couple years,” he reported.
The property features five major parks and attractions within an 8.6-mile radius: McKay Bay Nature Park, the Florida Aquarium, Lowry Park Zoo, Ybor City Museum State Park and Busch Gardens Tampa.
Earlier this week, it was announced Core Spaces purchased ULake, a Tampa student housing community serving the University of South Florida.