CBRE Arranges $100 Million Joint Venture Equity and Acquisition Financing for 240-Unit Multifamily Property in Tampa, FL

CBRE has arranged a joint venture equity partnership and acquisition financing for Bainbridge Ybor City, a 240-unit Class A multifamily property located at 1512 E. 12th Ave. in Tampa, Fla. The property was purchased for $90.65 million with additional proceeds for capital improvements.

Eric Fixler, Chandler Kaye, and Chris Smiles with CBRE worked on behalf of the borrower, a private investor. Square Mile Capital provided a $67,550,000 senior loan, and CBRE secured $32,580,000 in equity provided by an international private equity group.

“The investment into this Class A asset represents a commitment to the core downtown Tampa multifamily market made by our client and their institutional partner,” said Eric Fixler, an executive vice president with CBRE. “Our ability to secure a strong institutional equity partner with superior financing demonstrates the depth of the Tampa market and continued expectation for outstanding performance.”

He added, “New ownership plans for this asset include improving interiors on many of the units, upgrading amenities and common areas, which will accelerate the overall rent growth experienced at the property.”

Built in 2018, the four-story property includes a mix of studio, one-, and two-bedroom units, averaging 870 square feet.Each apartment features hardwood flooring, chef-inspired kitchens with large center islands, Quartz countertops, and stainless-steel appliances. Community amenities include a pool and sundeck, outdoor lounge, a 24-hour fitness center, yoga studio and personal training room featuring virtual fitness on demand, clubroom with arcade, and secure garage parking.