GMF Capital Buys Tampa Community for $58M
- Dec 29, 2020
GMF Capital has acquired the 240-unit Bainbridge Ybor City luxury community in Tampa, Fla., from Bainbridge Cos., the property’s original developer. The community changed hands for $58 million in an off-market deal brokered by Cedano Realty Advisors.
Located at 1512 E. 12th Ave., the building is part of the Ybor City neighborhood, just northeast of downtown Tampa. The property is also in proximity of Historic Ybor’s busy retail area and light rail stations.
Constructed in 2017, Bainbridge Ybor City has one- and two-bedroom apartments in a single, four-story building. Unit sizes range between 684 and 1,196 square feet, according to Yardi Matrix. Community amenities include a fitness center, business center, clubhouse and swimming pool, as well as a landscaped courtyard with seating and fountains.
Senior Vice President Ronald Meyerson of Cedano Realty Advisors closed the deal. GMF launched its Miami office in 2019 and has picked up six Florida properties since then, including Bainbridge Ybor City. In another recent transaction, the company acquired a 200-unit community in Naples, Fla., for more than $25 million.