Bridge Investment Pays $101M for Florida Portfolio

The acquisition includes a 208-unit community in St. Petersburg and a 390-unit property in Tampa.
Veranda at Westchase. Image courtesy of CBRE

Bridge Investment Group has acquired a two-property portfolio in Florida for a combined $101.3 million. According to Yardi Matrix, Forum Real Estate Group sold the 208-unit Viera Bayside in St. Petersburg and the 390-unit Veranda at Westchase in Tampa.

Bridge Investment Group paid $70.5 million for Veranda at Westchase and assumed the $38.7 million outstanding balance of a $39.6 million Fannie Mae loan. The new owner shelled out $30.8 million for Viera Bayside and assumed a $15.6 million mortgage, also held by Fannie Mae, Yardi Matrix shows.

Located at 12401 W. Hillsborough Ave., the 30-building Tampa community came online in 1999 and comprises one- to three-bedroom units. Common-area amenities include two swimming pools, a tennis court, a fitness center and a spa. The property is within 8 miles of Tampa International Airport. 

Completed in 1986, Viera Bayside is situated at 500 110th Ave. N., in St. Petersburg’s Gateway Business District. The unit mix features one- and two-bedroom apartments, with common-area amenities such as a renovated clubhouse, gym and business center. The 13-building community is within 2 miles of Interstate 275.

CBRE’ Executive Vice Presidents Francesco Carriera and Michael Regan represented both parties in the deal. In February, the duo brokered the $17.7 million sale of a 138-unit community in St. Petersburg, Fla.